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Report: Banks may start charging for deposits

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We’re all aware (but unhappy) that some banks charge fees for basically everything you do, whether it be transferring money or paying a bill.

But according to USA Today, some banks may begin charging consumers to deposit money should the Federal Reserve chose to cut an interest rate.

Analysts and industry representatives say such a scenario is highly unlikely, though one official says certain businesses could be hit with deposit fees if the Fed actually cut the rate, which at least for now appears far from certain.

“We have no intention of charging for retail customer deposits,” says JPMorgan Chase spokeswoman Kristin Lemkau.

Officials from other banks declined to comment.

The Fed may cut a 0.25 percent interest rate on money that banks keep at the Fed.

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