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Report: 3 big Swiss banks to expand charges on euro deposits amid negative rates

Three large Swiss banks will expand or introduce new charges on euro deposits because of negative interest rate policies, Bloomberg News reported Aug. 12.

UBS Group AG said it will charge clients 0.6% per annum on deposits above €500,000, reducing the threshold from €1 million.

Credit Suisse Group AG will charge a fee of 0.4% on accounts with cash balances of more than €1 million.

Julius Bär Gruppe AG will levy charges on a case-by-case basis.

UBS will impose the charges as of November, a separate Reuters report noted Aug. 6.

The charges come against the backdrop of continued central bank negative rates policies in Switzerland and elsewhere in Europe.