Author - Justin Rush, CFP®

Will Banks Charge Fees For Deposits?
Working With A Financial Planner

Will Banks Charge Fees For Deposits?

Earlier this month it was reported Bank of New York Mellon will begin charging its largest customers (e.g. corporations and large institutions) a fee for deposits in excess of $50 million.  Recently, I have received several questions as to why a bank would charge its customers for deposits.  While this seems counterintuitive to some, in the banking world a sudden influx of cash deposits is not necessarily a good thing. 

As a result of the global economic uncertainty and the renewed concerns of some major European financial institutions, several major U.S. banks have experienced an influx of deposits.  When a …

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Working With A Financial Planner

Frank Sinatra said it best…

“Love and marriage, love and marriage,
Go together like a horse and carriage.
This, I tell you brother,
You can’t have one without the other.”

Like it or not, investment management and financial planning, in its purest form, go hand in hand as well.

Put another way, investment management without financial planning is like a doctor prescribing a medication without knowing the patient’s allergies. Action is being taken to try to fix the problem, but not knowing the potential side effects could compound the issue.

Too often, individual investors and “financial advisors” construct investment portfolios …

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