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 Upside-down economy: The banks charging the rich to deposit their money

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RR Phantom

RR Phantom

Location : Wabbit Hole
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PostSubject: Upside-down economy: The banks charging the rich to deposit their money   Upside-down economy: The banks charging the rich to deposit their money Icon_minitimeWed Aug 21, 2019 6:36 pm

The typical banking relationship looks something like this: Banks pay interest to depositors. Then they use that cash to issue loans and charge borrowers a fee, pocketing the difference.
UBS in Switzerland announced last month that customers whose deposits exceed 2 million Swiss francs ($3 million) will need to pay an interest fee of 0.75 per cent after November.

Upside-down economy: The banks charging the rich to deposit their money 100c0c83f98f3ee4b80a2656e097629dda22a24e

But in some parts of the world, that relationship has been turned on its head.

Banks in Denmark and Switzerland recently announced new fees for wealthy clients with a lot of cash. Instead of earning interest, those savers will pay the banks for holding their deposits.

The shift toward negative interest rates in some parts of Europe comes as central banks step up efforts to spark stagnant economies. Nations that are in or near a recession are pushing rates down in the hopes it will encourage people to borrow and spend more. In some countries, including Japan, yields have been pushed so low that they are now in negative territory.

https://www.smh.com.au/business/banking-and-finance/upside-down-economy-the-banks-charging-the-rich-to-deposit-their-money-20190821-p52j4l.html
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