UBS charges customers to deposit euros

Swiss bank UBS will start charging customers who deposit more than a million euros, as negative interest rates hit banks’ profits.
The annual 0.6% charge will take affect from May.
UBS already imposes charges for large accounts held in Swiss francs by companies and some wealthy clients.
Banks’ profits have been hit by the European Central Bank’s policy of stimulating growth through negative interest rates and increased liquidity.
The ECB penalises banks that store euros with it in an effort to make them lend rather than hoard their cash.

This post was published at BBC