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Bank of New York Mellon Corp. 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." Bank of New York Mellon, which has $23.6 trillion in client assets under its custody, said customers have moved money to cash as a safe haven in the past month as investments like stocks and bonds have become increasingly volatile.
Above the Eagle you have thirteen stars representing the thirteen original colonies. Again, we were coming together as one. Notice that the Eagle holds an olive branch and arrows in his talons. The official meaning is that the olive branch and the arrows "denote the power of peace and war." As noted previously, the design shows the eagle facing the olive branch. This was the opposite of the the Presidential Seal, which showed the eagle facing the arrows, until President Harry Truman had it redesigned to face the olive branch in 1945." Some feel that the number 13 is an unlucky number. You will usually never see a room numbered 13, or hotels or motels with a 13th floor. But the significance of the number 13 in U.S. history is very strong. The number 13 as used on many U.S. symbols (the stripes on the flag, steps on the Pyramid, 13 stars above the eagle, 13 bars on the shield, 13 leaves on the olive branch, 13 fruits, and 13 arrows) all represent the beginning of our country, as established by the thirteen colonies. But it should also remind us of the importance of the "13th Amendment". And you can, and should, be reminded of the history of this country each time you look at a one dollar bill.
The bank's customers are mainly large pension funds and money market funds. The bank collects dividends on stocks and holds cash deposits, among other things, on behalf of such large investment funds.