There is a huge psychological difference between 1% and -1% interest. People do not react logically to loss (https://en.wikipedia.org/wiki/Loss_aversion https

There is a huge psychological difference between 1% and -1% interest. People do not react logically to loss (https://en.wikipedia.org/wiki/Loss_aversion https://en.wikipedia.org/wiki/Loss_aversion). Even though regular bank accounts have provided negative real interest for years, once they actually switch to explicitly "paying" negative interest, accounts will empty fast.