Bank now charges large depositers a fee just to keep their cash there, small savers get near zero interest

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Large savers now have to pay the bank to hold their money.

8/5/11, "New Fee to Bank Cash," WSJ, Liz Rappaport

"Bank of New York Mellon Corp. on Thursday took the extraordinary step of telling large clients it will charge them to hold cash....

The letter said Bank of New York finds its deposits "suddenly and substantially increasing" as investors are in a mass "de-risk" mode. The bank said the decision was driven by the fact that it cannot invest much of the new deposits because clients

• have the ability to move the funds out at any moment.

The ultra-low interest rates set by the Federal Reserve in an effort to stimulate the anemic recovery have also neutered banks' ability to reap profits from investing their deposits."...

via Drudge