A checking account is necessary to make everyday payment transactions as easy as possible. But according to consumer protection, not everyone is designed to be customer friendly. Because basic accounts take an excessive amount of money out of your pocket.
Be careful with the basic checking account: experts warn against this
In an EU comparison, according to Spiegel based on an evaluation by the Federal Association of Consumer Organizations (VZBV), German citizens pay the most for a basic account. Behind this is a credit-based checking account that offers basic banking services.
It was introduced to provide access to basic banking services to all people, regardless of their financial situation. It also allows holders to engage in cashless payment transactions, make transfers, set up standing orders, and pay bills.
“The costs of a basic account in Germany are by far the highest compared to Europe,” Spiegel quotes VZBV board member Ramona Pop. “Participation in modern social life is unimaginable without an account.”
That's how expensive it is in Germany
If we look at the fees that have to be paid for a current account of this type, Germany is by far the best. Last year, normal use sometimes cost up to 27.83 euros per month. This price is significantly higher than other rich countries. A total of 26 European countries participated in the evaluation.
Price comparison of basic accounts in the EU (excerpt):
- Denmark: up to 13 euros
- Finland: up to 10 euros
- France, Ireland and Poland: free
The problem: The anchoring of the right to a basic account by the European Union in 2014 and its implementation in German national law also gave banks a lot of room for maneuver. For this reason, the VZBV is now calling on politicians and banking regulator Bafin to limit basic account fees.
Source: Mirror
By Dana Neumann
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