Negative interest at NY Mellon bank. Bank serves as cash locker.

Bank charges to serve as a cash
 locker while wealth managers
look for a new play.

Depositors with over $50 million at NY Mellon will be charged 0.13%/annum on the balance and more if the yield on Treasuries drops below zero.   Risk-averse investors are pulling out of securities that mature more than one day out and are sitting on cash (insured by the FDIC) they can recover at a moment's notice. The banks are stuck having to pay 0.10% deposit insurance to the Federal Deposit Insurance Corp. but can't use the cash to earn other income.

h/t Global Economic Analysis, article at WSJ