Some of the smartest money in the world is doing just that right now…
by Peter Krauth, Resource Specialist
Money Morning
Most American consumers do their banking with one or more of the 10 biggest U.S. banks, like Bank of America Corp. (NYSE: BAC) or Wells Fargo & Co. (NYSE: WFC), with more than $10 trillion in assets.
In any case, it’s safe to say few, if any, Americans bank with Raiffeisenbank Gmund am Tegernsee, a small co-operative bank outside Munich, Germany.
But now it’s vital Americans know what’s happening in the tiny bank with the big name. The European Central Bank’s negative rate on deposits has forced the small co-op to implement negative interest rates (what it creatively calls a “custodian charge”) of its own… on private clients.