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UBS to eliminate account balance fees from Oct 1 after SNB hike

FILE PHOTO: The logo of Swiss bank UBS is seen at a branch office in Zurich

ZURICH (Reuters) - UBS Group will eliminate from Oct. 1 the fee it charged on accounts by private and corporate clients to offset negative interest rates after the Swiss National Bank raised its policy rate into positive territory on Thursday, the bank said.

Credit Suisse said in an emailed statement it would keep monitoring the market situation and could soon adjust rate conditions, but had stopped charging private clients negative interest rates from July 1.

(Reporting by Oliver Hirt, Writing by Michael Shields, editing by Silke Koltrowitz)