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Credit Suisse to Start Charging Wealthy Clients for Cash Deposits

“ZURICH (Reuters) – Credit Suisse (CSGN.S) will start charging wealthy clients with large cash deposits in Swiss francs, the latest Swiss bank to pass on negative interest rates to customers” writes Min Read for reuters.com. Individual and business customers will be charged a rate of -0.75% on cash balances above 2 million Swiss francs ($2.02 million), Switzerland’s second biggest lender said. Many economists expect the SNB to take the interest rate lower next year to prevent further strengthening of the safe-haven currency, which could damage Switzerland’s export-reliant economy.A rate of -0.85% will be imposed on business customers with balances above 10 million francs.
 
Source: reuters.com



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