Balance sheet utilization fee

A balance sheet is a basic accounting document for corporations. The company’s assets; cash, property, various equity go on the left and it’s balanced on the right by outstanding debts, and other liabilities. Interestingly bank deposits show up on a bank’s balance sheet as a liability. Reason being is that they can show up as an asset when they lend money to borrowers or are receiving interest on some other financial instrument. Otherwise it’s money that the bank has to pay you if you take it back. I worked in corporate finance for twenty years and a big part of my job was evaluating corporate financial statements (a balance sheet being part of the overall statement). Bank financials were kind of a pain, because they are kind of backwards compared to the standard corporate balance sheet.

I guess that is the justification for the following from Inc Magazine: “‘Balance Sheet Utilization fee’. JPMorgan Chase’s euphemism for the 1 percent yearly charge it levies on cash deposits.” (July/August 2015 p 23, quoted from Bloomberg Mag.) Basically if you deposit money with us, we will charge you one percent per year to record that transaction on our balance sheet. I also get the feeling that they did not go out of their way to let people know either. Full disclosure I worked for Chase, they were actually my first real full-time corporate job. I worked in commercial finance, not consumer/corporate bank accounts, so I have no first hand frame of reference. But as a consumer, I would be kind of twisted if that charge started showing up on my statement.

Being put on a company’s balance sheet is their responsibility, not mine, I’m lumped in with the rest of their liabilities, be interesting if they charged their vendors to be listed as a liability too. Betcha that wouldn’t go too far. As a Christian business person, do I start somehow disingenuously levying ticky-tack fees, or do I straight up let people agree that they will pay the charge and acknowledge it as a part of the service I perform, in this case maintaining their checking account.

The article goes on to note: “In related news, Tony Soprano will begin charging New Jersey residents a ‘kneecap-enjoyment tax.” Yea, it is kind of like that, doesn’t make for a good Christian witness, does it?

The distrust continues to grow in general in our society Morgan/Chase, certainly isn’t doing anything to reverse that. As Christians in the workplace how do we live a lot more above board and transparently?

Let’s talk about it or continue on the study we’ve been in for awhile in our Coffee Break Bible study. Any suggestions for how we can grow this ministry, living our Christian life in the Workplace to meet, or do more on line, breakfasts, dinners, picnics? For now we meet Wednesday mornings at the coffee shop at the corner of W King St and Beaver Sts in York, Pa. 11 am. Park behind the church 140 W King St and walk about 50 yards.

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