According to the Financial Times charges for deposits are primarily interbank.
HSBC has written to other banks to warn it will start charging them for deposits in euros, Swiss francs, Danish krone and Swedish krona — all currencies of countries that have negative interest rates — at its UK, German and Hong Kong operations from this summer.
German, Swiss, Danish and Swedish banks have been at pains to avoid subjecting the general public or small businesses to fees for depositing cash, preferring to impose levies only on the biggest corporate and institutional customers.
I said ‘primarily’. Read the rest of this entry »
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