Savings banks and banks are raising overdraft rates - alarmed consumer advocates
Created: 10/25/2022 3:59 p.m
By: Patricia Huber
Going into the red with the account is becoming more and more expensive.
A number of banks and savings banks have raised the overdraft rate.
Consumer advocates see this with concern.
Berlin – At the end of the month there is no more money in the account?
In this case, many of those affected resort to the overdraft facility.
But overdrawing your own account has meanwhile become more expensive.
Numerous banks and savings banks in Germany have recently raised interest rates for overdrafts and overdrafts.
Overdraft facility: Over 250 banks and savings banks are raising overdraft interest
According to an evaluation by the financial
comparison portal Biallo
, 264 of the 1,167 financial institutions examined recently increased the interest rate, as reported by the
Süddeutsche Zeitung (SZ)
in its Tuesday edition.
The average interest rate is now 10.07 percent, a year ago it was 9.99 percent.
According to the
Biallo
evaluation, the interest for overdrafting the overdraft facility is now 12.39 percent, after 12.29 percent a year ago.
"You have to remember that the average rate was already very high and unjustifiable given the low interest rates," said Horst Biallo, founder of the portal, the
SZ
.
The fact that banks are raising interest rates is "a strong point".
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Consumer advocates: Overdraft rate increase "very problematic"
Consumer advocates fear that many people will find themselves in financial distress as a result.
"Especially in the current situation with the enormously increasing prices, even higher interest rates are very problematic," says Andrea Heyer from the consumer center in Saxony.
She assumes that more and more bank customers will soon be forced to resort to overdraft facilities.
"It not only affects the poor, but increasingly broad sections of the population," said Heyer.
She demanded that a statutory overdraft interest cap be put back on the political agenda quickly.