Sparkasse Takes Action: Clients Threatened with Account Termination Due to Negative Interest Rates

The savings bank takes a drastic step. Clients who refuse to pay their negative interest rates face consequences.

Dortmund – Many German banks require a so-called custody fee from their customers for amounts of 50,000 euros or more in the account. Some customers don’t want to pay this negative interest, but some companies can’t stand it anymore, as RUHR24* knows.

Institute savings bank
number of branches 376
employees more than 200,000

Savings bank customers are threatened with account cancellation: so many customers are affected

Only recently have there been changes at Sparkasse*. Now follows the next innovation, because the bank is now cracking down on some customers. A year ago, Sparkasse Düsseldorf is said to have canceled two dozen customer accounts due to negative interest rates. The Sparkasse Dortmund also spoke according to information from Handelsblatt Already the first layoffs.

According to the bank, most “reacted to Sparkasse’s exchange notice by ending their business relationship.” In total, it has 330,000 clients. According to the News from the Ruhr Sparkasse Dortmund is said to have canceled all accounts of one client in mid-May. But the Sparkasse procedure is no longer an isolated case (more digital news on RUHR24*).

The Savings Banks declare the cancellation of the account: These branches are not affected

Meanwhile, other financial entities have taken the step or are about to do so, such as Postbank, which belongs to Deutsche Bank. But ING would also like to close accounts soon due to negative interest rates.

Some banks are still refraining from this drastic measure, such as Commerzbank. “We are trying to find good solutions together,” a Commerzbank spokesman said. Handelsblatt informed. According to CEO Johannes Evers, Berliner Sparkasse is also said not to have notified anyone.

Savings Bank customers threatened with the cancellation of their account: this is how negative interest rates continue

At least a third of banks should charge negative interest rates. There are at least 449 financial entities that calculate this interest in daily and current accounts, as the comparison portal Verivox would have determined. But that could soon be a thing of the past.

Savings bank customers are threatened with account cancellation due to negative interest rates.

© Michael Gstettenbauer/Imago

Because several financial institutions want to abolish negative interest rates for private clients, even if the European Central Bank refrains from applying default interest. These should include Hamburger Sparkasse, Apobank, ING and DKB. *RUHR24 is part of the IPPEN.MEDIA editorial network.

List of rubrics: © Michael Gstettenbauer/Imago

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