JPMorgan Chase and Bank

negative interest rate deposits: Well, not in those words, according to Business Week. The bank coined a euphemism: Beginning on 1 May, it said, it will charge certain customers a balance sheet utilisation fee of 1 per cent a year on deposits in excess of the money they need for their operations. The consequences could well be existential for the concept of cash itself JPMorgan Chase recently sent a letter to some of its large depositors telling them it didn’t want their stinking money anymore. That amounts to a negative interest rate on deposits. Which is exactly what Chief Executive Officer Jamie Dimon wants. The targeted customers—mostly other financial institutions—are already snatching their money out of the bank. (news.financializer.com). As reported in the news.