“When the European Central Bank introduced a negative interest rate on lenders’ deposits two years ago, few thought things would ever go this far.  This week, a German cooperative savings bank in the Bavarian village of Gmund am Tegernsee — population 5,767 — said it’ll start charging retail customers to hold their cash. From September, for savings in excess of 100,000 euros (US$111,710), the community’s Raiffeisen bank will take back 0.4 per cent.  Introducing the sub-zero policy in June 2014 with a cut to the deposit rate to minus 0.1 per cent, ECB President Mario Draghi said the move was ‘for the banks, not for the people.'”

http://business.financialpost.com/news/economy/german-bank-starts-charging-customers-to-hold-their-cash-in-negative-interest-rate-world

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