US Banks to Charge New Service Fee for Handling Your Cash

New York, New York –

Beginning next year, US banks will charge a new service fee to their cash carrying customers making a withdrawal, while depositors will be subjected to a different cash based service fee.

Bank customers can avoid the new fees altogether, however, by using their debt card, credit card or by banking online.

Never before in the history of finance have banks ever sat on so much cash, say economists.

As a result banks have accumulated so much money in their vaults (instead of lending it out) that they are complaining that it is sitting around gathering dust, which has resulted in an unforeseen uncalculated cost.

“We have to send it out to the laundry mat to have it cleaned,” said a spokesman for the banking industry association in an attempt to justify the latest service fees. “And that’s an expense we simply can’t afford. So regrettably, we have to pass that expenditure on to the customer.”

Moreover, customers who are making a deposit are also subject to a new cash handing service fee.

“However, in their case," said the banking spokesman. "We’re calling it a restocking fee.”

Copyright © 2008-2011 by Robert W. Armijo. All rights reserved.

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