HSBC to charge for holding deposits

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(REUTERS) — HSBC is to start charging other banks for depositing money in currencies of countries that have negative interest rates.

Europe’s biggest bank will join a number of other U.S. and European banks to charge their peers for holding deposits – effectively passing on the cost of holding money where interest rates have turned negative.

The move will affect deposits from banks in euros, Swiss francs, Danish crowns and Swedish crowns. A European Central Bank’s bond-buying programme has depressed interest rates across Europe.

WND » Money

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