The RBS banking group has warned 1.3 million customers they could be charged negative interest rates if the Bank of England cuts base rates below zero.
The group, which includes NatWest, wrote to its business and commercial account holders about the potential changes, which mean they could lose money even when they are in credit.
The letter said: "Global interest rates remain at very low levels and in some markets are currently negative.
"Dependent on future market conditions, this could result in us charging on credit balances."
The Bank of England's base rate currently stands at the historically low rate of 0.5%, where it has been for more than seven years - and some economists believe it should be cut further to stimulate the economy.
Source: Sky News
From October 1st, the Dutch bank [ABN Amro] is adjusting its conditions to state that the bank can give negative interest rates to account holders with a business checking or -savings account, ANP reports.
Source: NL Times
(Score: 2) by Jeremiah Cornelius on Wednesday July 27 2016, @07:10PM
Just don't start living in a plywood shack, in the Montana wilderness.
You're betting on the pantomime horse...
(Score: 0) by Anonymous Coward on Wednesday July 27 2016, @07:24PM
What's so wrong with that?
(Score: 1, Touché) by Anonymous Coward on Wednesday July 27 2016, @08:37PM
Use hardwood instead.
(Score: 0) by Anonymous Coward on Wednesday July 27 2016, @09:29PM
What's so wrong with that?
Nothing if you like sending packages.
(Score: 0) by Anonymous Coward on Thursday July 28 2016, @03:07PM
Montana is in the U.S.A.