It is possible that due to the measures that should start-up the economy, banks will charge customers fees for storing their money there.
Let’s take a look on what this could mean for bank customers.
Negative interest rates as an effort to save economy
The pandemic has hurt the economy in many sectors. So banks are now also trying to get the economy back on track. One option is to introduce negative interest rates for clients as well. In practice, this would mean that if you wanted to deposit money in a bank, you would pay a fee for it.
This could theoretically encourage other financial institutions to spend more money. However, we know from practice that banks, which introduced negative interest rates after previous financial crashes, have not been able to maintain this policy for too long.
The bank uses your money and you pay for it
Banks at this time have different fees for services and are vying for who has less or fewer fees. For the end user, this only means that he has to pay for giving someone his money. It is not pleasant for many people and they are looking for a way to get rid of these fees.
There are several options. One of them are cryptocurrencies, which offer high return on investment, not the ones that many people consider more of a mockery. The central financial system has proved to us that it is not built to deal with crisis situations. So isn’t it time to start thinking about how to protect your wealth?
It is natural to protect your property and money also belongs to property. Why should you pay the banks for lending them your own money, which the bank will multiply on loans right after? Invest, protect your wealth and protect yourself against inflation. Study, let your money work. Just remember the golden rule: invest only as much as you can afford to lose.