ECB’s negative interest rates under fire

In Germany, where saving is considered a virtue, the announcement by one of the country’s biggest lenders, Commerzbank, that it will start charging clients with high deposits on their accounts has angered many.

 

Commerzbank insists that mom-and-pop retail customers will not be affected and the so-called “deposit fees” will be levied only on major corporate clients holding more than 10 million euros ($12.5 million) on their accounts.

 

Nevertheless, at a time when savers in particular are already feeling the pinch from an extended period of ultra-low interest rates, Commerzbank’s move “broke a taboo”, complained the television news channel n-tv.

 

Some observers think it is only a matter of time before private retail customers are hit, too.

 

Read More: ECB’s negative interest rates under fire – The Local