Unions want to abolish free accounts – SPIEGEL ONLINE

The low interest rates made bank customers so far mainly on the savings account, the yield naught – now they need to probably pay more elsewhere. “The time of free checking accounts is over,” the president of the German Savings Bank Association (DSGV), Georg Fahrenschon according to his speech text said in Frankfurt.

“cross-subsidization by interest surpluses are no longer possible,” Fahrenschon said. Details he initially was not known.

The savings banks operate in Germany claims to 47.5 million checking accounts. Some of these accounts already cost monthly fees – are then but mostly for specific groups such as children, students or trainees for free. Even pure online accounts are often free. The exact prices can vary from place to place

The problem of financial institutions. Due to the low interest rates they can with loans no longer earn enough money to cover their costs – recently had the European Central Bank (ECB) cut interest rates again in the past week.

Last year, the 413 savings banks declining net interest income were offset only by higher profits in commissions. On balance, the banks accounted for some two billion euro profit.

“But it is clear in view of the ECB interest rate policy, that these good results are not repeated in the coming years,” Fahrenschon said. “All market participants need to open up new sources of revenue given the wrong interest rate policy.”

In addition, like the savings banks continuously cut jobs to reduce costs. Already last year, the financial institutions have 6427 vacant posts not refilled, Fahrenschon said. “I expect that this trend will continue.” When necessary staff reduction will be to use natural attrition, and make it more socially acceptable

For months include numerous Sparkassen branches -. Which is, according to the houses but also the fact that the customer thanks to the online banking much less likely in a branch come as a few years ago.

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