Negative interest rates for wealthy customers have been a constant topic among German savers for months. Last year, for example, Stadtsparkas Düsseldorf began closing first customers’ accounts if they didn’t want to agree to negative interest rates. just like the news informed ofThe Dortmund counterpart has apparently terminated 15 clients due to custody fees.
According to reports, PostBank has also acted in a similar fashion over the past few weeks, eliminating customers with balances above EUR 50,000 who did not agree to negative interest rates. A spokesman here stressed to Tageschau, however, that there were only a few isolated cases – they did not want to give an exact number.
DKB is also considering termination of the account for “customers who do not agree after repeated reminders”. On the other hand, competitors such as Berliner Sparkasse or Commerzbank want to wait and see and find amicable solutions for their customers.
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Sparksey, PostBank and Co.: More and more banks with negative interest rates
As Tageschau writes, 449 out of 1,300 German financial institutions are now demanding custody fees from a fixed balance – and the trend is increasing. However, several banks have also announced that negative interest rates could be eliminated in the future if the ECB ceases to penalize interest rates for institutions. “If the ECB interest rate drops to zero, the custody fee is automatically waived,” says consumer advocate Niels Nauhauser.
However, even small savers may face significantly higher account closures in the future: in many banks, only 70 percent of customers have agreed to the new terms and conditions, with only negative interest rates. Oliver Mihm, head of banking consulting firm Investors Marketing, predicts that expiration could follow for smaller assets if an acceptance rate of 85 to 90 percent is reached.
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