Saturday, August 20, 2016

Free checking account – customers experience parting on rates – THE WORLD

From small regional savings banks to large banks, the trend seems to be unstoppable. The account fees are for months in the high-altitude flight. Now, Postbank, the industry leader in retail banking, provided the free checking account on the siding. “The customer will decide how much he wants to continue to pay for an account,” says Post Executive Susan Klöß. The subsidiary of Deutsche Bank, which is also the jump at the stock exchange, has revised its account landscape: An online account is introduced and prices are set. Free accounts will be only for young and rich customer

To follow the Bonner a general development in the financial sector – and the means. Off the Free Culture. In addition to many financial institutions are also well-known institutions such as the HypoVereinsbank to. Higher charges are thereby often required not only for the pure current account, but also for credit card, cash withdrawal or the use of self-service terminals. Account management has always been a service and they’ll stay there, asserts Klöß. The financial advisor of FMH in Frankfurt see in the strategy of the banks to turn to the fees screw, however, a “simple and convenient way to make as much money”.

where the shoe pinches all institutions in the same place: the continued low interest rates of the European Central bank (ECB) has brought banks and savings banks into trouble. They also have to pay for money they park at the ECB, penalty interest. Interest and commission business are the main sources of income of a bank. But since the former breaks away, is looking for ways to boost the commission business -. to just include the services for account and credit card

Only at the beginning of March, President of the German Savings Bank Association (DSGV), Georg Fahrenschon, the avalanche unleashed properly. Sparkasse customers would have to adjust to higher fees, “the time of the free checking accounts is over,” judged the supreme association leader of the savings banks. Given the wrong in his view interest rate policy would have all market participants to open up new sources of revenue. And Klöß by Postbank concludes: “If the interest rate level would have moved in the past seven years not continuously down, then we would not see such movements as today”

Nearly 20 years have passed since, as Postbank went to the market with free checking accounts. The approach of the pioneer was well received, not only by the customers. Everywhere there were imitators. It was also shown that the free account was a means of customer acquisition. The direct banks such as ING-DiBa, Consorsbank, DKB or Comdirect that sprang up like mushrooms during the digitization of the banking business, they are standard. They also have the advantage of having to maintain expensive chain stores.

Nevertheless, it is not excluded that they will eventually overtaken by the current trend. But the pure online banks evidently do not have air to breathe. “Our current account and the corresponding cards remain in the future for free,” it says at DKB. And Alexander Baumgart of ING-DiBa says. “We currently plan neither fees launches yet price increases”

The online portal “financial tip” and consumer protection advised to change, if one is not satisfied with his current account or the bank raised the fees. In fact, the change of mood among bank customers could soon change if the middle of September, a change in the law comes into force, with Germany implements an EU directive. This requires banks to facilitate their clients’ account switching. These mainly include the transfer of standing orders and direct debit mandates to the new bank.

The 5.3 million holders of Postbank current accounts, according to the Bank by letter informed about any changes. Who does not want to pay and the corresponding changes in the general terms and conditions does not consent, the Bank will cancel the account in the final analysis.

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