The Savings Bank President Fahrenschon anticipates the widespread introduction of fees. In niches but the free checking account goes on living – especially online By Michael Kerler.
In the fight for customers German banks have long offered all sorts perks, including free checking accounts. But the best times are over. Sparkassen-President Georg Fahrenschon now makes clear once again that it is provided with the widespread introduction of account management fees. “I expect that there will be nowhere more free checking accounts practically in a few years,” he said yesterday on demand also our newspaper. Fahrenschon means not only the financial institutions, but also their competitors. In times of zero interest rate policy of the European Central Bank and increasing regulation, the times for the banks to be harder.
Most Savings Bank customers are already accustomed to charges. “Services of credit institutions are worth something. Therefore, the financial institutions have the free culture of recent years not participate “, Fahrenschon said and warned against bait advertising other institutions. “The customer must already be careful that they do not have to pay for covered elsewhere in supposedly free services.”
Further free accounts, but …
More recently, Postbank has revised its account models. Many customers who had previously benefited from a free account, will have to pay fees in November. Used to be, for example, the Postbank standard account “Giro plus” in a cashless cash receipt over a thousand Euro free future per month 3.90 euros must be paid.
Although Postbank free accounts has continued to offer but the hurdles are high: the comfort account “Giro extra plus” is Postbank According free when the cashless cash receipt is a month over 3000 Euro. Many retirees, for example, might not achieve that. From past experience, Postbank has numerous other account-based vehicles, reported a spokesman. The Bank also write these customers.
The fact that the banks continue to turn the screw fees, reckons Professor Wolfgang Gerke, President of the Bavarian Finance Centre. “We will introduce at all points charges,” he says. Often this is already done. Sometimes the increases were noted only on the account statement. “The banks on the wallet of the customers,” he regrets. Because the situation is a double problem for the citizens. “Customers are factually expropriated because they get on their savings no interest – and they also have to pay more fees.” Gerke urges the banks, therefore, to make their contribution: “The banks have to reduce costs.” That includes, stores to close that are not visited by customers who are no longer economical and high costs.
When Spardabank you can still find free checking account
and yet, who on hunting for a free checking account, may still be able to find. For example, advertises the cooperative Sparda Bank in Augsburg so. Many online banks do not account charges, including the ING DiBa or the Commerzbank subsidiary Comdirect. There one is for free model: “Currently there are no efforts to change that,” says Comdirect spokesman Amir Madani Rascado
At least the topic penalty interest include Sparkassen far from.. “We lift all out against this development,” promises Sparkassen-President Fahrenschon. The banks themselves are already paying 0.4 percent interest penalty if they park their money at the European Central Bank. In Bavaria only small Raiffeisenbank Gmund has been passed on Tegernsee for customers with more than 100,000 euros in the checking or savings account that burden to consumers
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