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ZKB lowers the threshold for criminal interest rates

at the end of November, Walter Schmidt (the Name gets changed) from the Zürcher Kantonalbank (ZKB) thickness of Post: From 10. December will be charged to Schmidt's cash balance on his account at ZKB above 100'000 Swiss francs with a "negative interest rate, currently at 0.75 percent" per year. In Schmidt's second account penalty interest from the first franc due, that is to say, there is no free amount, such as the ZKB tells. The tax-free amount applies per customer, not per account.

the Kantonalbank, which is owned by the state Required, from private customers 100'000 Swiss francs for criminal interest? The ZKB tried to calm: "The Zurich cantonal Bank has not defined a fixed amount from which negative interest rates are mandatory to be collected," explained a spokesman. The exemption amount will continue to be determined individually for each client and, depending on the existing customer relationship. Is to say, the more the Bank with a customer earns, the higher the limit is free. It is important, however, that "small savers and small businesses to pay no negative interest rates", emphasized the ZKB.

The ZKB acknowledges, however, that they "have taken the individual exemption amount in the trend". That is, The largest cantonal Bank in Switzerland requires earlier penalty interest.

the end of November, Walter Schmidt (the Name gets changed) of the Zürcher Kantonalbank (ZKB) thickness of Post: to Write.

As a reason, the ZKB at the permanently low interest rate environment. How strong is the free boundary in the cut and how many customers are criminal to pay the interest, the Bank makes no disclosures. "It is a small minority," says one speaker only.

The impacts for small savers to come closer. Even if so far the Swiss banks, to stress, to spare people with low savings balances, penalty interest, the step of the ZKB is a Signal. The Benjamin Manz so, Bank a specialist comparison service, money country sees: "The exemption limit of 100000 francs in the competitive comparison is quite deep," says the expert. He also criticized, that the ZKB does not communicate clear boundaries, the penalty interest will be payable, like the other banks do. "The procedure is very non-transparent."

With the reduction in the penalty rate threshold, the ZKB is in the Trend: Until the beginning of November, the post of Finance announced, to reduce by December, the exemption limit for savings accounts from 500'000 CHF 250'000 Swiss francs. This is true but only for customers that take except for a savings account, no further services at Postfinance in the claim, had declared the Institute. For customers with more products in the last two years, the applicable threshold of 500'000 Swiss francs applies still. Amounts in excess of this are charged with a penalty interest rate by even 1 percent.

to make The big banks, UBS and Credit Suisse have announced, with cash assets of more than two million francs, the negative interest rate of 0.75 percent of the customers. UBS chief Executive Sergio Ermotti said, according to "Bloomberg" in November, the big Bank might have "no choice", as the increasingly negative interest rates to pass. So-called retail customers – i.e. simple in-store customers without asset management – wool to spare the Bank but still in any case.

Raiffeisen-customer bad Surprise

Raiffeisen-Chairman of the Board, Guy Lachappelle negative interest rates granted in an Interview with this newspaper a clear rejection: "I can't imagine." There is no threshold for private customers. But the Bank make sure that customers would not Deposit your money from banks with negative interest rates.

"Raiffeisen Switzerland the Raiffeisen banks and the branches of Raiffeisen Switzerland, to charge your private clients, no negative interest rates."Raiffeisenbank-Central

can be That but also in the case of Raiffeisen, under certain circumstances, negative interest rates on the subject of, has witnessed an intra-Swiss client of the Bank. He wanted to transfer his assets to another Bank, to the Raiffeisen Bank, where he was already a customer. There it was explained to him, however, that at the opening of an additional account of 100'000 Swiss franc negative interest rates charged would be.

In the St. Gallen Headquarters, it means this: "Raiffeisen Switzerland the Raiffeisen banks and the branches of Raiffeisen Switzerland, to charge your private clients, no negative interest rates." The banks and branches are Autonomous and therefore free in the implementation of this recommendation, says a spokeswoman.

a run of the banks Threatens?

The question is: How exactly is a retail defined customer? Money country expert Manz looks to the limit in cash of CHF 50'000. In his view, banks will not dare to ask this small customer to the cashier, "for in order to cut meat", because then a wide range of customers threat of escape.

this is evidenced by The survey of the financial portal "Cash". 92 per cent of the 4000 Respondents said that they would deduct your contributions in cash, in whole or in part, you should negatively pay interest on your money.

banks are thus in a quandary: facilities, customer deposits, loans to rich, are rare. The property market has run hot. To Park excess liquidity at the Central Bank, but is expensive. According to the Swiss bankers Association, Swiss banks have paid this year alone is already two billion franc negative interest rates the SNB, almost nine percent of the gross profit.

cash is like toxic

New customers deposits, which are the only bar in the balance sheet, want to banks avoid. The chief of a medium-sized private Bank, reported recently that he had thrown out a customer with tens of millions of francs in assets, because of a refusal, despite the promise to invest more than a Million. "There are customers with a million francs in cash, desperately looking for a Bank that takes the money yet," confirmed another private banker. However, in times of negative interest rates, cash is toxic.

Created: 04.12.2019, 23:32 PM

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