“The Alternative Bank Schweiz (ABS) caused shockwaves with a letter sent to all clients informing them that it would begin imposing interest charges on deposits in 2016. For current accounts, the bank said it would impose a -0.125-percent rate, while slapping a -0.75-percent rate on client deposits higher than 100,000 Swiss francs. ABS, which grew out of the ideals the 1960’s protest movement, justified the unprecedented development by saying it would provide manoeuvering room for financing ‘meaningful projects’. The Swiss central bank introduced a negative deposit rate in January after it abruptly abandoned its three-year effort to hold down the franc’s exchange rate to protect exports.”
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Tip Freedomwat.ch Staff with Bitcoin
Related posts:
Malta to ID buyers of its citizenship after outcry
15 new UK banks in five years, predicts Metro founder
American marijuana companies turn to Canadian stock exchange to raise capital
China shuts down $88 million mocked museum with ‘fake’ national treasures
Dead, detained or missing: China's businessmen and officials are disappearing
Young Turks seek greater liberty, not revolution
Don't buy Russian stocks, White House says in Crimea dispute
US, Israel to hold major missile defense exercise
Obama on Iran: Diplomacy can work when backed with military threats
Greece passes more spending cuts, tax hikes after third EU bailout
Saudi Arabia Just Got Turned Into an ETF
NYPD commissioner Ray Kelly defends stop-and-frisk in appeal to public
The Surveillance Speech: A Low Point in Barack Obama's Presidency
Crisis Hits German Luxury Carmakers
New York ‘cannibal’ cop watched death porn: wife