Credit Suisse will start charging wealthy clients with large cash deposits in Sw...
) will start charging wealthy clients with large cash deposits in Swiss francs, the latest Swiss bank to pass on negative interest rates to customers.
Individual and business customers will be charged a rate of -0.75% on cash balances above 2 million Swiss francs , Switzerland’s second biggest lender said. Balances of less than 2 million francs will be unaffected.The new rules take effect from Jan. 1 for individual customers and Nov. 15 for business customers.
Several banks in Switzerland, including private bank Julius Baer , and the eurozone also pass on the cost of negative official rates to corporate depositors, though most large players have refrained from doing so with individual clients.
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