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BNY Mellon is starting to charge customers whose balance exceeds an average of $50 million a month, the bank confirmed. It will put in place a fee of 13 basis points on the excess balances, and could increase that fee if Treasury bill rates go negative.

“In the past month, we have seen a growing level of deposits on our balance sheet from clients seeking a safe-haven in light of the global interest rate and credit environment,” the bank said in a statement. It noted that “Clients who maintain routine deposit levels will not be affected.”

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