UBS Imposes Negative Interest Rates on Large Cash Balances
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Switzerland's largest bank, UBS, announced today that they will begin charging clients with balances in excess of 250,000 Swiss francs (about $280,000) a 0.75% interest rate.
UBS explained why:
It’s becoming increasingly clear that we’ll have to contend with negative interest rates for years to come. That’s why we decided to lower the threshold for deposit fees,” Swiss banking head Axel Lehmann told employees in the memo.
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