And so it begins....
Remember the name Raiffeisenbank Gmund
Raiffeisenbank Gmund is the name of a small cooperative bank in the Bavarian Alps. Nothing to get too excited about there
But wait...there's more
In September of this year Raiffeisenbank Gmund will start charging it's 'wealthy' clients to deposit their money, in reaction to the negatives interest rates now 'offered' by the ECB
The 'Custody Charge' (no, I really haven't made that up) of 0.4% will apply on deposit accounts with over 100,000 euros
This isn't the first charge of it's kind – Since 2014 Cooperative direct bank Skatbank has applied negative rates on deposits, but only over 500,000 euros
Board member Josef Paul said "We have written to all large depositors and recommended that they think things over," continuing "If you don't create an incentive to change things, then things don't change."
Well at least they're trying to be helpful.......
This is just the beginning!