Thursday 10 March 2016 13:25 BST

The European Central Bank has cut the benchmark interest rate to 0 per cent, from 0.05 per cent, in a bid to revive the slow European economy.

The bank also cut the deposit rate facility to -0.4 per cent, which means it will cost banks more to hold cash rather than to lend it out to customers.

Won't be long before it is passed on to peoples and business accounts.

I would rather put up with bad service from a bank than have to pay them to hold my money and have total control over it and more than likely get worse service because they can say "What are you going to do about it?".

has been I had a bank manager many years ago call me to make an appointment to see me, I thought it was funny.

He turned up accompanied by two young bank ladies and acknowledged that I deposited a large amount of cash on a regular basis then he asked me if I borrowed money, I said heaps. He then asked who I borrowed from and I said a broker. He asked why and I said "because he answers the phone". He then handed me his card.

I remember the late Robin Williams saying one day, years ago you went to the bank and you were addressed by your name and rewarded for banking you funds, whereas now you are regarded as a nuisance and charged for the experience, and they call this progress. Go figure