Some smaller banks in Germany and Switzerland are trying to find acceptable solution amid negative deposit rates charged by central banks in the region, Bloomberg reports. In recent days, a few banks announced new strategies in regards to saving accounts of private customers.

Most banks have to pay for money that they hold in central banks. Deposit rate of European Central Bank in minus 0,4%, while rate of Swiss National Bank is minus 0,75%. Usually banks do not transfer these costs in form of penalty fees to corporate clients, however, they use practice of such payments in regards to private customers.

Swiss Postfinance AG will apply fee to accounts holding more than 500000 francs from October 1. Before, limit was 1 million francs, and bank took 1% of amount exceeding this limit. Although bank now pays almost no interest to clients, money inflow in last 12 months was more than three and a half billion francs. Being a state bank, Postfinance do not lend money, and therefore, has just a few options to cover negative rates of SNB.

On the other side, Volksbank eG in Hamburg cancelled penalty 0,2% that it introduced for some accounts of private customers exceeding 500000 euro in the beginning of 2017. Applied measure caused money outflow, and there is not many customers with accounts holding more than 500000 euro now. This is why bank decided to cancel fee.