the financial institutions want to protect especially those with smaller and middle-income and assets from negative interest rates, according to the president of the German Savings Banks Association, Georg Fahrenschon. (Photo: AP)
Berlin The German savings banks go by a comprehensive introduction of fees for account management. The president of the German Savings Banks Association, Georg Fahrenschon, the “Bild” newspaper (Friday edition) said: “I expect that there will be nowhere more free checking accounts practically in a few years.” Consumers should also permanently for the machines use anything pay.
The introduction of negative interest rates for private customers would not completely rule Fahrenschon hand. “Especially people with small and medium incomes and wealth, we want to protect them,” said the savings bank boss.
Negative interest means that savers get no interest on their deposits with the Bank, but have to pay. The background is that banks and savings banks are currently paying with the European Central penalty interest on their deposits. This negative interest will be charged by some banks, including savings banks, to individual customers with large balances. “For private customers see and I wish that not” Fahrenschon said.
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