Swiss private bankers say that clients have asked to withdraw large amounts of cash so they can store it themselves, despite the country's reputation as a secure and reliable place for wealthy investors. Some of that money may now be sitting in private safes and storage.The unusual moves follow five years of negative interest rates. The policy, intended to keep the Swiss franc from appreciating too much, requires banks to pay to park money with the Swiss National Bank.
Both banks declined to comment on whether they'd received requests from high net worth clients to take out cash.No easy featEven if clients do want to withdraw large sums of cash, the logistics aren't easy. First, a customer would need to come up with a storage and insurance plan. Ludwig Karl, a spokesperson for Swiss Gold Safe, which rents safe deposit boxes in Switzerland and Lichtenstein, said that the company has seen increased interest in cash storage since 2015.
Protecting from govt.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trump Criticizes Federal Reserve At Davos For Holding Back U.S. EconomyTrump criticized Federal Reserve at Davos for holding back U.S. economy by skleb1234 skleb1234 TrumpIsGuilty. skleb1234 Are we expecting bad data later this week? Seems fishy! skleb1234 Impeach Don Trump!
Source: Forbes - 🏆 394. / 53 Read more »
Negative rates making it hard for European banks to compete with the US, ABN Amro CEO saysNegative interest rates are the key differentiator preventing European banks from presenting any serious challenge to their American counterparts, according to ABN Amro CEO Kees van Dijkhuizen. Race to the bottom. Thanks GOP
Source: CNBC - 🏆 12. / 72 Read more »
Why There’s No Such Thing As a Swimsuit You “Can’t” Wear4 women try out swimsuits they SWORE they'd never wear—and the results are incredible.
Source: InStyle - 🏆 103. / 63 Read more »
Trump says he 'could get used to' negative interest rates as he knocks the Fed: 'Love that'President Trump touted at the World Economic Forum in Davos, Switzerland the use of negative interest rates to bolster economic growth. Buy bitcoin Actually it's not new. EUR and YEN have had negative yields for many years.
Source: CNBC - 🏆 12. / 72 Read more »
Trump again pushes negative interest rates, but Kudlow says they don't workBoth officials spoke Tuesday at the World Economic Forum in Davos and offered different views on how effective below-zero government bond yields are on stimulating growth. realDonalTrunmp Negative interest rates work as a wealth tax. Pilfering the old folks' bank accounts won't work? Lower rates belong in the nature of incentivization, there are other ways to incentivize.
Source: CNBC - 🏆 12. / 72 Read more »
Best Online Banks Of 2020–And How To Choose OneForbes' list of the best online banks featuring FDIC insurance, high interest rates, banking apps, low or no fees, and great customer service.
Source: Forbes - 🏆 394. / 53 Read more »