The Bank of New York Mellon is to start charging a fee on large deposits in response to what it has described as a “sudden” and “significant” increase in its balance sheet from investors searching for havens to stash their cash.
Accounts with an average deposit of more than $50m will be charged a 13 basis point annual fee on the excess and an additional fee if short-term Treasury bills produce negative yields.
On Thursday yields on one-month Treasury bills dipped as low as -0.0102, their lowest level since January 2010, in turbulent financial markets across the world.
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