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BNY Mellon to Charge for Large Deposits in Flight to Safety

Bank of New York Mellon Corp., the world’s largest custody bank, will charge institutional clients a fee for “extraordinarily high” cash deposits to stem a flight of capital into the safety of bank deposits.

“I’ve never seen this happen, not in 25 years,” Gerard Cassidy, an analyst with RBC Capital Markets in Portland, Maine, said an interview. Other banks may follow BNY Mellon’s lead, Cassidy said.