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Commerzbank branch: Pay for the loan granted
Photo: Marius Becker / DPA
The Hamburg consumer center is suing Commerzbank for custody fees on savings accounts.
The practice of charging such fees for credit is unlawful from the point of view of consumer advocates, as they announced in Hamburg on Tuesday.
This also applies to the Frankfurt bank's plan to make appropriate agreements with existing customers.
The consumer advocates filed a lawsuit with the Frankfurt Regional Court.
Commerzbank declined to comment.
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"Customers should not only receive no more interest, but also pay for the loan they have granted," said consumer advocate Sandra Klug.
With this regulation, the purpose of a savings contract is reduced to absurdity.
Commerzbank passed on general operating costs or other expenses that would be in the company's interests to its customers, without them receiving any additional service in return.
The banking industry has been wrestling with the ultra-low interest rate policy of the European Central Bank (ECB) for a long time.
When it comes to the level of the custody fees, many institutions orient themselves towards the negative interest rate of minus 0.5 percent of the ECB.
The institutions have to pay this interest on part of the surplus funds that they park at the central bank.
mik / Reuters
