Stuttgart (dpa / lsw) – The Stuttgart-based Mercedes-Benz Bank is discontinuing the deposit business with private customers and will close a total of 340,000 overnight and time deposit accounts by 2024. “The decision made in 2020 to outsource the leasing business to a separate company and the spin-off of the truck and bus division Daimler Truck last year means that the volume of financing contracts at the bank will decrease significantly in the future,” said the head of the institute, Benedikt Schell, the “Stuttgarter Nachrichten” (Saturday). This eliminates the need to finance through customer deposits.
The bank itself has specialized in the car loan business and dealer financing. The volume of the bank’s financing contracts will decrease from a total of 25 billion euros to a credit volume of 10 billion euros.
The bank had already stopped new business with customer accounts last year, but has so far continued the overnight money accounts for existing customers. These will now be canceled step by step by 2024, even for existing customers. Fixed-term deposit accounts are to be continued as long as the respective investments are still running. Only time deposits for corporate customers will continue. Customers would therefore have “sufficient time to look around for alternatives,” said Schell.
