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Chase to Charge Customers Fees For Handing Cash Deposits
by Susanne Posel | Occupy Corporatism
Beginning August 1st of this year, JP Morgan & Chase Co. will charge their customers for depositing cash into their accounts.
According to an internal document sent to account holders, in less than a month from now “the fee for all types of Cash Deposit Processing (CDP) will be $0.25 per $100 [deposited]. The CDP fee will only apply after you exceed your account’s cash deposit limit.”
One reason for Chase to charge their customers a fee on cash deposits may reside in the fact that the major banks are “charging customers who deposit lots of cash.”
Wherein Chase is charging customers for every $100 in cash deposited, other banks are charging on every cash deposit of $10,000; or $0.20 on every $100 deposited.
Kris Dawsey, economist for Goldman Sachs, warned about banks charging customers fees for simply depositing cash into their account in 2013.
Source: http://philosophers-stone.co.uk/wordpress/2014/06/chase-to-charge-customers-fees-for-handing-cash-deposits/
