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Euro notes: It is no longer just wealthy customers who are affected by negative interest rates
Photo: Patrick Pleul / dpa
According to data from the comparison portal Verivox, 449 of around 1,300 banks evaluated are now charging negative interest above certain sums on the call money or current account.
At the end of 2021 there were 423 and a year ago only 281. At the same time, according to the information, the trend towards ever lower tax exemptions that are exempt from negative interest rates is continuing.
Consumer advocates are fighting the so-called custody fee in court.
The consumer portal Biallo.de even comes up with 572 institutes that charge negative interest on private assets and also notes the trend towards falling tax allowances.
"For a long time now, it has not only been particularly wealthy bank customers who have to pay negative interest rates, small and average savers are also increasingly affected," said Oliver Maier, Managing Director of Verivox Finanzvergleich.
Some banks collect a custody fee from as little as 5,000 or 10,000 euros on the call money, giro or clearing account.
At least 175 credit institutions limited the total credit allowance to EUR 50,000 or less.
A year ago there were only 90 and at the turn of the year 155 financial institutions.
Most recently, some banks had announced an end to negative interest rates as soon as the penalty interest on bank deposits at the European Central Bank (ECB) was abolished.
Deutsche Bank, for example, emphasized: "If the ECB changes the rate on the deposit facility, we will adjust the fee in the private customer business accordingly in the short term."
"So far, however, this is still a dream of the future," said Maier.
»In view of the latest developments, the trend is currently pointing in the opposite direction.«
Since June 2014, commercial banks in the euro area have had to pay interest when they park funds at the ECB.
This deposit rate - known as the deposit facility in technical jargon - is currently minus 0.5 percent.
For some time now, the central bank has been granting exemptions for certain sums in order to relieve the institutions.
In view of persistently high inflation, the ECB is pushing ahead with the exit from its ultra-loose monetary policy.
However, she leaves it open when interest rates will be raised.
Whether banks are allowed to charge negative interest is legally controversial.
The custody fees mainly affect new customers.
If a financial institution wants to demand negative interest from existing customers, it must agree this individually with those affected.
Dissatisfaction is caused by the fact that some credit institutions are now terminating customers who do not agree to the custody fee.
First successes in court
Consumer advocates generally consider negative interest rates on private credit balances in checking and money market accounts to be inadmissible.
The Federation of Consumer Organizations has therefore filed lawsuits against various credit institutions and sees its first judgments as confirmation.
The district court of Düsseldorf decided that financial institutions are not allowed to charge a separate fee for deposits in current accounts.
The district court of Berlin declared custody fees for call money and giro accounts to be inadmissible.
Both judgments are not yet final.
Verivox evaluates the price notices published on the Internet by around 1,300 banks and savings banks in Germany.
Since not all institutions publish their negative interest rates freely accessible on their website, more than the 449 institutions identified are likely to charge custody fees.
According to the latest data from the Deutsche Bundesbank, there were 1,679 independent credit institutions in Germany in 2020.
dab/dpa-AFX
