End to deposit fees in sight for German bank customers

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Bank customers in Germany may see an end to extra charges on their current accounts in the wake of the European Central Bank’s (ECB) interest rate hike, announced for July. At the moment, many banks charge a deposit fee, also known as a custody fee (Verwahrentgelt), for keeping money in the accounts. “The amount of the deposit fee is based on the so-called deposit facility of the European Central Bank,” a spokesperson for Deutsche Bank explained on Monday. “If the ECB raises the deposit facility rate by 0.25 percentage points in July in line with its recent announcement, Deutsche Bank and Post…

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