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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: IceShark who wrote (10691)11/8/1998 8:45:00 PM
From: Tommaso  Read Replies (1) of 86076
 
Some time during the 1970s Swiss banks charged for holding deposits in Swiss Francs. It was worth it. I even did much the same thing, buying Swiss Franc travelers checks for a fee of one or two percent; made a 30% profit off them over the dollar.

Back in times of a gold-backed dollar, banks charged you just to keep your moeny safe--and still do, for small accounts.

My great banking bargain nowadays is to get totally free services (including free travelers checks and safe deposit box) merely for keeping a large credit line, which I do not use. I have a feeling this sort of thing may disappear.

In the earlier 1960s I had to pay the Harvard Trust Company a dollar or two a month just to hold my checking account, plus ten cents for every check I wrote. That would be like nearly five dollars and about forty cents now, and with my small balances it was like a negative interest of five percent. When I finally closed the account I was so intimidated that I was not confident they would even let me have my money. They treated small despositors as if they were petty criminals, insisting that you deposit checks with them against a larger amount before they would give you the money.The most satisfying moment in dealing with them was when some glib-tongued con-man stole my paycheck and my checkbook, and successfully used my checkbook as identification to cash the paycheck. I called Cambridge Trust and had payment stopped on the paycheck, and then my bank was out the amount of my paycheck. After that I got personal attention (i.e. they REALLY thought I might be a crook every time they saw my name!)
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