THE European Union’s economic woes will finally hit German taxpayers’ pockets with one of the country’s biggest banks set to introduce fees for basic services.
By NICK GUTTERIDGE AND MONIKA PALLENBERG
Commerzbank are planning to charge ordinary people for every day transactions as it struggles to cope with the ruinous impact of Brussels’ financial policies.
Industry chiefs said they expect other institutions to follow their lead shortly, raising the spectre of tens of millions of Germans being forced to dip into their own pockets to pay for the EU’s failures.
The stricken bank, whose shares plunged to record lows today, said it had been severely weakened by the European Central Bank (ECB) setting negative interest rates.
It had already performed poorly in a stress test of Eurozone financial institutions last week alongside compatriot Deutsche Bank, raising fears about the strength of the German economy post-Brexit.
With anti-EU sentiment on the rise in Germany and the growth of the far-right Alternative for Germany (AFD) party, the very real impact banking fees will have on average families will provide a major headache for Angela Merkel.
The German leader is already under huge pressure over her refusal to budge on her controversial open door immigration policy, and will have to face voters in a General Election next year.
Customers of Commerzbank – Germany’s second largest bank – in future will have to pay higher fees for credit cards and making deposits.
They will also be charged for over-the-counter transfers in branches, according to respected German newspaper Die Welt.
Special conditions on loans will be scrapped and minimum interest rates will be introduced for variable loans – a move which is likely to hit small and medium sized businesses directly in the pocket.
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