German and Swiss Lenders Change Strategy on Negative Rates
- Banks introduce, cancel or change fees on customers’ savings
- Hamburger Sparkasse sees millions of euros in annual costs
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(Machine translation provided by Google and reviewed by Bloomberg editors)
Some smaller banks in Germany and Switzerland are struggling to find the right answer to the negative deposit rates charged by central banks in the region. Several lenders have announced new strategies in recent days. Penalty interest on private customers’ savings were either introduced, canceled or changed.