Deposit Rates Could Turn Negative in This Bizarro World Credit Union Times
Forget the debate over whether or not a credit union should keep offering free checking accounts, there are signs credit unions may eventually have to decide whether or not to charge their members fees for holding deposits.
The reasons why they might have to take this step rests in the upside down finances that characterize the U.S. economy right now, where the costs of liquidity are so low as to almost be free, but the demand for loans and investment returns remain so soft they bring in almost no income.
The result, according to Dan Geller , executive vice president of Market Rates Insight, is that deposits in insured financial institutions, whether banks or credit unions, will likely become something of a hot potato, he said, using the term to represent something that might in another time be welcome and sought but in the near to medium term will become an expense and a regulatory problem.
Back in November, Geller predicted that a major bank would begin to charge depositors for deposit accounts of over a certain size and earlier in August, the Bank of New York Mellon sent a letter to institutional depositors informing them that the bank would begin to charge fees on deposits above $50 million.
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