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Why Many Banks Don’t Want Your Money

Tuesday, September 20, 2011 - 11:40 AM
From Moneyland | TIME.com
It’s been well-documented that consumer spending is down. Some consumers are spending less, quite simply, because they’re among themany members of the middle-class who suddenly find themselves with less money to spend. Others are spending less because, given the fragile, uncertain state of the economy, they feel compelled to save more. Banks are being flooded with deposits as a result, but guess what? They don’t want your money.

You might understandably assume that banks always take a more-the-merrier approach to customer deposits, and that therefore, they’d be happy that money held in commercial bank checking, savings, and money market accounts increased 10% over the past three months. But you’d be wrong....

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