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BNY Mellon Says Deposit Surge Moderates After Announcing Fee On Balances

Monday, August 8, 2011 - 4:46 PM
From Bloomberg
Bank of New York Mellon Corp., the world’s largest custody bank, said a surge in big cash deposits slowed in recent days after the company told clients it will charge a fee for excessively high balances.

“We’ve seen deposit levels of this nature begin to moderate in recent days,” Kevin Heine, a spokesman for the New York-based company, said today in an e-mailed statement. “We expect the fee will only be applied to a handful of exceptional cases where deposits have risen dramatically.”

BNY Mellon said Aug. 4 that it will charge a fee of 0.13 percent on “excess amounts of cash based on June averages.” The fee applies to U.S. dollar deposits of more than $50 million, though it won’t affect clients whose balances are consistent with prior levels, the bank said last week.

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