A growing number of banks in Germany are charging retail customers negative interest rates, starting with the very first euro deposited into their accounts. At least three German banks are reportedly doing so, with more expected to follow suit in the near future. As the European Central Bank maintains a negative rate policy, more banks say they are finding it necessary to pass on the negative rate burden to their customers.
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More Banks Charge Negative Rates From First Euro
German banks are increasingly passing on the burden of negative interest rates to their retail clients from the very first euro deposited into their accounts. While it is not uncommon for banks in Germany to levy negative interest rates on their customers, most of them have refrained from charging retail clients, largely due to concerns of reputational damage. However, a regional bank close to Munich, Volksbank Raiffeisenbank Fuerstenfeldbruck, made headlines…