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Now You Have to Pay to
Keep Your Money at the Bank!

Many major banks, including Goldman Sachs, BNY Mellon, Credit Suisse started lowering the interest rates for large euro deposits into negative territory.

In June, the European Central Bank has reduced deposits to -0.10 %, meaning that depositors will now have to pay for keeping their money at the bank.

In September, the ECB has reduced the itnerest rates to -0.20 %.

An article on the Wall Street Journal is telling us more about the consequences of this action by the ECB.

Obviously, many have started transferring their funds into other currencies. The euro fell after the negative interest rates measure.

The negative interest rates measure is also impacting the interest rates of non-euro accounts in European countries that are not part of the Eurozone.

In many countries, including some in Central- and Eastern Europe, people now have to pay in order to keep their money at the bank.

All this came in the while the EU is already struggling with a deflationary problem.

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