The Bank of New York Mellon said today it would start charging "large depositors" to hold cash, according to CNBC.
The bank said it was taking the action because of a sudden increase in dollar deposits prompted by fears among its customers about the recent debt crisis in the United States as well as concerns about Europe's debt problems.
The Bank of New York said its customers were in a "mass de-risk" mode. Reuters reported that the move added to demand for US Treasury bills and pushed the rates for one-month T-bills close to zero.
Read more at http://www.cnbc.com/id/44019510
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