New Fees: Bookstore Admission, Big Bank Deposits

1. NY Times -- "Bookstores, including some of the most prominent around the country, have begun selling tickets or requiring a book purchase of customers who attend author readings and signings, a practice once considered unthinkable. Bookstore owners say they are doing so because too many people regularly come to events having already bought a book online or planning to do so later. Consumers now see the bookstore merely as another library — a place to browse, do informal research and pick up staff recommendations. 


“They type titles into their iPhones and go home,” said Nancy Salmon, the floor manager at Kepler’s. “We know what they’re doing, and it has tested my patience.” 


2. NPR -- Bank of New York Mellon said Thursday that it will charge its customers a fee to hold cash deposits over $50 million. The bank said it has seen such a large increase in deposits over the last month that it will charge a 0.13 percent fee to clients with "extraordinary high deposit levels." Normally, banks pay interest to customers for deposits. But with short-term interest rates near zero, and increased FDIC insurance premiums on deposits, it hurts banks when they hold large amounts of cash on their balance sheets.


"This is a historic precedent in the U.S. banking system," said Dan Geller, Executive Vice President at Market Rates Insight, a firm that analyses bank pricing.

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