This hasn't happened in Australia yet but it's coming .
Lifted this of the net today .....
GOING OFF THE RAILS: Banks Charging To Hold Cash
So this is where negative rate policy starts to go off the rails, when people start calculating the cost of losing money on their deposits vs digging holes in the ground to store the cash. Berliner Volksbank, Germany’s 2nd biggest co-op bank is now putting on a .5% tax on any deposits north of 100,000 euros. They are now one of 34 German banks that are now charging customers in some fashion. Last Thursday Spar Nord Bank in Denmark said they are taxing retail customers .75% (the level of their central banks deposit rate) on deposits above 750k kroner which is a bit above $100,000. It’s time to buy stocks of those companies that make shovels…
