December 3, 2012 / 4:36 PM / in 5 years

UBS, Credit Suisse to levy fees on Swiss franc deposits from banks

ZURICH (Reuters) - Switzerland’s largest banks said on Monday they will penalize banks holding Swiss franc deposits by imposing temporary fees and negative interest rates in a bid to stem inflows of the red-hot Swiss currency.

A logo is seen in front of a Credit Suisse building in Zurich, May 4, 2012. REUTERS/Christian Hartmann

“We invite out customers to keep cash balances as low as possible to avoid negative credit charges,” Credit Suisse CSGN.VX said in a statement to clients seen by Reuters.

“In cases where we see net inflows in cash clearing accounts above a certain threshold, we continue to take corrective action, by means of a temporary excess balance fee,” UBS UBSN.VX said in a statement.

Reporting By Katharina Bart

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