Friday, August 19, 2016

Check conditions: Even free accounts cost money sometimes – NEWS



 Friday, 19 August 2016


 Postbank altered its pricing model for current accounts. Among other things, change the conditions under which the account is opened for free. Basically, also in so-called free checking accounts, many consumers have to expect utilities


On checking accounts often filled with movement: It is paid money and lifted, transferred and paid by direct debit. This service can be paid many banks and financial institutions. However, there are providers that advertise it, to do not charge for the checking account. However, such free offers should customers always exactly scrutinize advises Annabel Oelmann, CEO of Consumer Bremen. Some vendors mean by a free checking account “zero euro bank charges”. That does not necessarily mean that no charges are incurred, for example for the credit card, for the setting up of standing orders or for withdrawing money. It always come on the whole package, says Julia Topar the Association of German Banks

Compare is worth it. “Who moved his bank account to a better financial institution, can sometimes save a three-figure sum in the year,” explains Oelmann. Returns the current account occur in the event of an annual or monthly fee, also a year for a credit card or bank transfers.

It is often called direct banks that offer good conditions for a checking account. In addition to a free account management, there are often a credit card for free. However, not every customer feels safe with a direct bank. Because with direct banks can be transfers, direct debit transactions and standing orders only online or organize phone. Stores, where customers can personally and directly contact a bank manager, there is not. Who wants to stand out as a direct bank customer money from his checking account, is reliant on ATMs of branch banks that cooperate with the direct bank. For this purpose, often charges will apply, which may be differentiated according to the Direct Bank

Some customers therefore prefers rather in a branch bank in their residence near -. Especially because of the personal services there. But for financial institutions such stores are quite expensive – and with declining revenue, not least due to the historically low interest rates. “This forces banks to thoroughly examine how they can remain profitable,” explains Julia Topar. This development is one of the reasons why more and more financial institutions to introduce new pricing models for current accounts -. Like now Postbank

provide some banks for their free accounts, also terms. “So new customers will have to pay for most Sparda banks a unique cooperative share of normally 52 euros,” says Kerstin oven from the Stiftung Warentest. The proportion is then remunerated. Commerzbank makes it a condition that the customer has a cash receipt of at least 1,200 euros per month to the account. At Postbank, there is a free checking account in future only for young people and for customers with a cash receipt of monthly 3000 Euro and more.

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If you want to stay in spite of bank charges in his previous bank or savings, should inquire whether she has an account model with more favorable conditions on offer. “Women and men with low incomes have usually very difficult to find a discount or free checking account,” says Verbraucherschützerin Oelmann.

If the decision for a change, then it means that the standing orders on the delete old checking account and set up on the new. All who contribute regularly to the account or withdraw by direct debit must be informed of the new bank – for example, the employer, the pension insurance, electricity providers, landlords and insurance companies. “Customer, the Bank should it ask for assistance,” advises Oelmann. It makes sense for their details to continue the old account for a transitional period of about three months in parallel with the new account. Then the old checking account may be terminated -. Usually without notice

Basically recommends Warentesterin Kerstin oven to not only look at the price – “it is also important that you get for free without long detours of cash” , On machines of their own bank or bank grouping, to which it belongs, that is no problem. By contrast, the cashback outside the machine composite can be expensive. “Any withdrawal from a foreign ATM can cost up to eight euros,” says oven. “As the price advantage of a free checking account can fizzle fast.”

You can find a free checking account



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