Negative Rates at State Street and Bank of New York Mellon Corp

Two of the world's biggest custody bank, State Street Corp. and Bank of New York Mellon, have started charging negative rate for holding Danish kroner and Swiss francs.

Starting Nov 1, State Street will apply a negative annual interest rate of 0.75 percent to krone deposits and a separate 0.25% charge on Swiss francs deposits. But there's a breather here that the charges will apply only to those accounts in the two currencies which exceed a set minimum.

Denmark and Switzerland have cut interest rates close to or below zero to keep the krone and franc from rising.
Since State Street deals mainly with institution, so it might not be having wide individual customer base.

Royal Bank of Canada, is already imposing negative rates on some customers who hold kroner and francs.

Complete story from Bloomberg.