Originally, existing ING customers who deposited too much money in their account were to pay penalty interest from November. But the bank changed its mind — at least for most customers.

Existing ING customers get a grace period before their criminal sentence Will have to fill Direct Bank T-Online spokesperson confirmed this. Originally, the bank had planned to introduce a custodial fee of 0.5 percent from November on amounts over and above the 50,000 euro exemption. A custodial fee means nothing but penalty interest.

At the time it said it would write to existing customers whose current or overnight accounts have more than 50,000 euros and asked them to agree to the introduction of custodial fees. At ING, that’s about 750,000 out of a total of 9 million customers.

But the bank ultimately decided against it, as an ING spokesperson told T-Online. For most customers whose accounts exceed 50,000 euros, the change will not take effect until March 2022.

Several thousand existing subscribers have already been written

In July, however, Money House wrote to “low five-digit customers (existing customers who had closed their accounts before July 2021) with very high credit balances and sought their consent for the custody fee,” the spokesperson said. . The new changes will be applicable to them from November, as will new customers opening an account from July 6.

However, this adjustment has not yet been found in the current ing prices/services directory. There it reads: “Fee will be charged for the first time from November 1, 2021.”

Information: Commercial banks currently have to pay 0.5 percent interest on additional funds deposited with the European Central Bank (EasyB) park. More and more financial institutions are passing the costs on to their clients. Recently many institutions had reduced the tax exemption. More about negative interest Read here.

ING Germany boss: “We reserve the right to cancel our accounts”

ING Germany boss Nick Xu also commented on the change in terms and conditions. He told the German press agency: “We plan to obtain the consent of most of our customers, mostly digitally, for our revised terms and conditions and custody fees from the end of November.” Xu said, “The bank will do everything to get the approval of the customers. Ultimately we need their approval to continue working with the customers.”

“In July we already wrote about a few thousand Savings customers agreeing to custodial fees and the approval rate was great. So, I believe most of them will. Customers who don’t agree, we will keep a final one. Before the termination of accounts at a possible stage.”

A historic verdict delivered at the end of April

An ING spokesperson did not specify a reason for the change in plan. However, it is quite possible that this is related to a basic decision. The Federal Court of Justice (BGH) ruled in late April that banks must obtain the consent of their customers to change their terms and conditions.

Clause according to which entities may assume tacit acceptance if customers do not object to unreasonably converting non-profitable customers within two months.

Financial institutions will now have to retrospectively ask customers for approval of existing charges. In addition, bank customers can recover charges that credit institutions have charged without their explicit consent – retrospectively as of January 1, 2018, according to an assessment by Stiftung Verentest. how to do it, Read here.

ING advertises home clients

Over the years, a direct bank called ING-Diba attracted customers with relatively high savings rates. But spend the money deposited in the current low interest rates. This is the reason why the institution, operating only under the name of parent company ING since November 2018, is trying to attract more House Bank customers.

In other words: Ideally, customers not only deposit money, but also generate commission income through mortgage loans, consumer loans or securities savings.