Swiss Migros Bank May Pass On Negative Rates to Retail Customers

[kreslik.news]

Swiss cooperative Migros Bank has announced that it may start charging some retail customers for deposits if the Swiss National Bank (SNB) keeps pushing interest rates further into negative territory, according to Chief Executive, Harald Nedwed.

The news follows a recent announcement from Royal Bank of Scotland (RBS) and Natwest that they may start charging firms to hold deposits if interest rates are cut below zero.

In late July, a letter was sent to around 1.3 million business and commercial customersof the two banks warning that with global interest rates at “very low levels” the bank could be ... (read more)