Berlin Savers currently live in the worst of all worlds. In view of the widespread zero interest rates, the high inflation alone is causing a negative real return. In addition, more and more banks and savings banks are starting to demand so-called custody fees from their customers. This is about the 0.5 percent that the European Central Bank (ECB) charges credit institutions that park excess funds with it.
The comparison portal Biallo.de already counts 520 institutes that charge negative interest rates – almost a third of all institutes. In the current year, 260 institutes have already introduced negative interest rates on overnight money or current accounts.
Since there is no end in sight to the ECB’s low interest rate policy, the matter is clear to consumer advocates: “We expect other institutes to charge custody fees,” says Sandra Klug, head of the investment, pension and insurance department at the Hamburg Consumer Center.
So far, many customers have been able to breathe a sigh of relief. Banks only charge custody fees when the account has large sums. But now the trend is down. According to research by the comparison portal Verivox, almost 150 banks have reduced the exemption for the total deposit per customer to 50,000 euros or less.
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Consumer advocates assume that the tax exemption limits from which custody fees are levied will move further down. There are a few banks that ask customers to pay for items starting at € 5,000.
The account is threatened with termination
With new customers it is not a problem for the banks to charge negative interest. The corresponding conditions apply to them when the contract is concluded. Existing customers must first inform the banks of their plans and make an agreement.
However, bank customers usually have bad cards if they do not want to accept the corresponding custody fees. “If an agreement on custody fees is not signed, bank customers should be prepared for the fact that the account details will be terminated,” says Klug. Those affected should therefore be clear beforehand whether they really want to change their bank details.
Before banks charge custody fees, they usually instruct their customers to make alternative investments. “There are commission catastrophes lurking there,” warns Klug. The consumer should not allow himself to be pushed into financial investments that, in case of doubt, generate commission income for the banks without the benefit for the customer being clearly evident.
In addition, consumer advocates criticize the current lack of transparency at the banks. “I have never seen a bank that clearly communicates the amount of savings deposits, the associated costs incurred by the ECB and the resulting negative interest rates for customers,” says Klug.
In addition, banks at the ECB would also have exemptions that many institutions obviously do not pass on to consumers. “Basically, the consumer has to be responsible for the business policy of the banks. Because obviously many banks fail to pass on savings deposits as loans. “
Fees for savings accounts are also possible
It has not yet been legally clarified whether banks are allowed to charge negative interest at all. The Federation of German Consumer Organizations considers custody fees for private customers to be fundamentally inadmissible. But consumer advocates suffered a setback at the Leipzig Regional Court in the summer. The judges decided that the Sparkasse Vogtland could charge a custody fee in addition to account management fees for the current account. The consumer center Saxony wants to appeal against the judgment. There are currently six proceedings pending against various banks and savings banks.
The focus is currently on custody fees on overnight deposits and current accounts. So far, savings accounts with a three-month notice period have not been affected. From a legal point of view, banks are, after all, borrowers to a savings contract.
At the same time, Commerzbank has created contractual regulations to allow custody fees to be levied on savings accounts. Commerzbank has already received a warning from the Hamburg consumer center. According to a spokesman, Commerzbank did not sign the cease and desist declaration.
It is true that the number of institutions that charge negative interest rates is increasing. However, there are still banks that are defying the trend. Consumers can find out more about these institutes at Stiftung Warentest and comparison portals such as Verivox or Biallo.de.
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