Savings & Retirement
UBS Lowers Threshold to Charge Depositors for Negative Rates
- Deposits of more than 250,000 Swiss francs now targeted
- Bank also plans to close 40 branches with no job reductions
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UBS Group AG plans to lower the threshold for customer deposits that will be subject to a charge as the bank deals with the prospect of low and negative interest rates for the foreseeable future.
Starting in July, the fee will apply to clients with deposits of more than 250,000 francs ($280,000) or the same amount in euros, according to a memo to employees seen by Bloomberg. The previous threshold was more than 2 million francs or 500,000 euros ($607,000). Clients with a mortgage or investments in UBS funds may be exempt from the charge.