Tuesday, August 30, 2016

Savings: Who has too much money in the account, to pay soon – THE WORLD

In times of low interest banks for new business models. Exchange premium and free accounts with which the competition was fueled by private customers, the banks can afford less and less.

company in East Germany now face first Receivables from negative interest rates at financial institutions exposed. Individual savings banks negotiated with major customers on “Verwahrentgelte” of 0.4 percent, said Wolfgang Zender, General Manager of the East German Savings Bank Association on Tuesday in Berlin.

These institutions could be but counted on two hands. He expressed the hope “that all preserve the nerves,” Zender said. The ordinary savings bank customer need not fear negative interest as association president Michael Ermrich assured. “We know that many of our customers have little money, and therefore not is the issue here.”

Many savers do not know, given the low interest rates, as they their money to invest, such as when a savings is due Zender said. “The money is almost exclusively still parked on money market accounts.” The association complained that new “unrealistic” rules inhibited the assignment of private property loans. The number of commitments had declined significantly.

The savings banks thus follow the advance of Raiffeisenbank Tegernsee. This demanded as one of the first of rich client money for when they stash more than 100,000 euros in the account. Only the leaders of Skatbank from Thuringia, also a cooperative bank have, this daring yet. They had 2014 negative interest introduced, but only starting amounts of EUR 500,000

The reason for the change. The European Central Bank (ECB) has the base rate to reduced to zero and demands penalty interest of money worldwide, the park overnight money with her. This can erode the margins, in Germany especially, says analyst Katharina Barten by the rating agency Moody’s. That the first banks to abandon the low culture and reintroduce account fees, change the basic problem nothing: “A banking system that has always been weaker in the margins than others, of course, is under particular pressure to maintain a critical level in the return.”

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