ECB's policy of negative interest rates draws flak in Germany

Frankfurt

THE European Central Bank (ECB) is under fire in Germany because of its policy of negative interest rates, which is prompting some banks to charge customers for holding money in their bank accounts.

In Germany, where saving is considered a virtue, the announcement by one of the country's biggest lenders, Commerzbank, that it will start charging clients with high deposits on their accounts has angered many.

Commerzbank insists that mom- and-pop retail customers will not be affected and the so-called "deposit fees" will be levied only on major corpo…