Commerzbank to Charge Deposit Fees Following ECB Negative RatesNicholas Comfort and Shane Strowmatt
Commerzbank AG, Germany’s second-largest lender, may charge some large corporate and institutional clients deposit fees in response to the negative deposit rates adopted by the European Central Bank, a Commerzbank spokesman said by e-mail.
The bank will carefully take into consideration customers’ liquidity needs for business operations when calculating the rate it sets, the spokesman said.
The ECB in September cut its deposit rate to minus 0.2 percent, the first major central bank to take one of its main rates negative. That means lenders must pay to deposit money with the ECB, an expense they’ve so far tried to minimize and absorb, rather than pass on to corporate and consumer customers.
The decision was reported earlier today by the Wall Street Journal.