Munich . The Bank Austria’s sister HypoVereinsbank (HVB) deletes the first major German retail banks interest on overdrafts. “In private checking accounts, we will abolish the interest rate premium in May,” a spokesman for the institute said on Friday
But this does not mean that customers can overdraw their account for free. It continues to pay interest if you slip into the red. However, ask German banks, as well as most Austrian, again an interest rate if you have account on a pre-agreed overdraft facility (is usual one month’s salary) covers also. This interest amounts are usually double digit growth.
After criticism of these high interest rates and an initiative of the Ministry of Justice half of the 416 German savings banks already abolished the high interest rates. HVB is the first major bank that takes that step. Others, like the German Bank and Commerzbank want to stick to the increased overdraft interest. In Austria, a spokesman for Bank Austria that they would not follow the example of the German sister. (Ag.)
(“Die Presse”, print edition, 14/2/2015)
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