What happens with retrocessions?

Following a decision by the Federal Supreme Court, financial institutions must pass on commissions – provided they came about in connection with investment products and within the scope of a portfolio management mandate. At VZ, we have always passed these retrocessions on to you. And we have been one of the only banks to do so if you manage your money yourself. Retrocessions are credited to you on a quarterly basis. It is even possible that the retrocessions are higher than the securities account fees. This means that as a customer of VZ Depository Bank, under certain circumstances you pay nothing for your securities account – perhaps even earning money from it.