As of: April 7, 2024, 5:50 p.m
By: Markus Hofstetter
Comments
Press
Split
Many banks are increasing fees for checking accounts. The customers of an institution are particularly affected. Nevertheless, the willingness to change is low.
Heidelberg - Around three years ago, the Federal Court of Justice (BGH) put a stop to the increase in bank fees through the back door. In its ruling of April 27, 2021, the court found it unlawful that Postbank assumed customers' tacit consent to price increases if they did not object within two months. Since this was common practice in the industry, the other banks and savings banks were also affected by the ruling.
But the ruling apparently does not protect bank customers from higher account fees. This emerges from a representative survey by the comparison portal Verivox. According to this, 82 percent of those surveyed have to pay fees for their checking account.
Many banks increase account fees: just under half have a free or low-cost account
For 49 percent, the bank or savings bank has increased fees in the last two years. For 23 percent, the last price increase took place within the last twelve months, for 26 percent it was one to two years ago.
It may be worth keeping an eye on account fees and, if necessary, switching. © Nicole Lienemann/imago
“As a result of the interest rate turnaround, the current account has become a double source of revenue for many banks and savings banks,” says Oliver Maier, Managing Director of Verivox Finanzvergleich GmbH. “On the one hand, the account balances are now providing financial institutions with attractive interest surpluses again and overdrafts are priced with higher overdraft interest. On the other hand, many credit institutions continue to increase fees and thereby generate additional income.”
18 percent have a free account, 29 percent pay less than 50 euros a year. For around 27 percent the account fees are between 50 and 99 euros, for 14 percent they are between 100 and 200 euros. Four percent even pay more than 200 euros a year.
Many banks are increasing account fees: Savings bank customers are the worst off
How much consumers have to spend on their account varies greatly from bank to bank. Verivox differentiates between four types:
My news
Tax return 2023: From this amount onwards, pensioners have to pay taxes
Founded by Romans: The oldest city in Germany is in Bayernlesen
Lost prototype turns up on Ukraine front: Russian army digs up “tank monster”
Citizen's benefit recipient receives dismissal during probationary period: boss saw him sick on social media
Beatrice Egli fuels love rumors about Florian Silbereisen on her show: “I know her – because of Flo” read
This is how high the pension is if you have never worked read
Savings Bank
Volks- und Raiffeisenbank, PSD Bank or Sparda-Bank
Direct bank as well
Private bank with branches.
Savings bank customers fare worst. Not even one in three (23 percent) has a cheap main account that costs less than 50 euros. Only seven percent pay nothing for it.
Cheap accounts are somewhat more widespread in the cooperative sector, i.e. at Volks- und Raiffeisenbanken, PSD banks and Sparda banks. Here, a third of those surveyed (33 percent) pay less than 50 euros per year, and another nine percent have a free account.
According to the survey, customers of direct banks most often have a free or low-cost checking account (41 percent each). But for almost six out of ten customers of a branch bank, the account either costs nothing at all (29 percent) or the annual fees are less than 50 euros (28 percent).
Many banks increase account fees: There is no great willingness to change
“Especially in sparsely populated areas, a comprehensive branch network causes high costs, which savings banks and Volksbanks pass on to their customers through higher account fees,” says Maier. Those who live in rural areas and value bank advice in a branch often have no alternative to regional credit institutions and therefore tolerate higher account costs.
Expressed in numbers, this means that 18 percent of cooperative bank customers and 16 percent of savings bank customers would not change their bank, no matter how much the bank increases their account fees.
Many banks are increasing account fees: Don't just pay attention to low account management fees
Price-conscious customers should not only pay attention to low account management fees. Other criteria such as costs for EC/debit/credit cards and cash withdrawals from ATMs play a role. However, if you spend more than 50 euros a year on your account, you should check whether there are alternatives with a comparable range of services cheaper elsewhere and, if necessary, change your bank.
Changing an account requires little effort. According to the Federal Association of German Banks, financial institutions have been legally obliged to support consumers when changing accounts since September 2016. To do this, the customer must submit an application to the new institution. For example, standing orders and direct debit mandates can be transferred. The prerequisite for exchange assistance is that both banks are based in Germany.
methodology
On behalf of Verivox, the opinion research institute Innofact surveyed a total of 1,025 people aged 18 to 79 in March 2024. The respondents come from an ISO-certified online panel with around 500,000 participants. The survey is representative of the population in terms of age, gender and federal state.