“JPMorgan Chase recently sent a letter to some of its large depositors telling them it will charge certain customers a ‘balance sheet utilization fee’ of 1 percent a year on deposits in excess of the money they need for their operations. That amounts to a negative interest rate on deposits. [..] Several central banks have discovered that depositors will tolerate some rates below zero if withdrawing cash and storing it themselves is costly and inconvenient. There are signs of an innovation war over negative interest rates. There’s a surge of creativity around ways to drive interest rates deeper into negative territory, possibly by abolishing cash or making it depreciable.”
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