Scandalous Skatbank !
Deutsche Skatbank will charge customers with more than €½M on deposit a negative interest rate of 0.25% or punishment interest [as the Germans call it] for keeping cash in the bank, from the 1st November 2014.
In the upside down world we live in, this is wealth confiscation by another name and has turned “cash in the bank” from an asset to a liability.
Alternatively, clients can spend the money [which keeps debt ridden economies going for another round before facing the music].
So the punishment interest door has now been cracked wide open.
It starts with large deposits and small rates. Then step by step, deposit amounts get smaller and punishment interest rates get larger until everyone gets hit with it, and no money is saved.
Source: Asset Preservation Partnership