UBS to Begin Charging Fees to Withdraw Cash

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by Martin Armstrong

UBS will charge a 2 franc fee for withdrawing cash at the bank counter beginning in July, be it a withdrawal in CHF from a UBS private account or from a UBS current account. Thus, UBS stands (at least for now) pretty much alone. A survey of various institutions revealed that hardly any banks charge cash for cash withdrawals at the counter. One of the few exceptions is the Zürcher Kantonalbank (ZKB). Exceptions to this rule are customers with a private or savings account of the “ZKB inclusive base” package. These customers pay 5 francs for payments at the counter in francs or foreign currencies. However, industry observers expect other banks to follow UBS’s example soon, given the pressure on earnings.



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