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UBS, CSuisse to levy fees on Swiss franc deposits from banks
December 3, 2012 / 4:30 PM / 5 years ago

UBS, CSuisse to levy fees on Swiss franc deposits from banks

ZURICH, Dec 3 (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.

“We invite out customers to keep cash balances as low as possible to avoid negative credit charges,” Credit Suisse 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 said in a statement. (Reporting By Katharina Bart)

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