Free was yesterday. Although the tiresome penalty interest is slowly coming to an end, banks are still paying the fees for their checking accounts. So now also the German credit bank. Their previously unconditional free account now has conditions – for new customers.
In August, “Finanztest” was able to identify just 12 current accounts in an evaluation of 432 models from 165 banks and savings banks, which are free of charge for online customers without any conditions. Now it’s one less.
Because the Deutsche Kreditbank (DKB), one of the largest direct banks with a good five million customers across Germany, is now charging fees, at least for its new customers. From January 1, 2023, anyone opening an online account will have to pay a monthly account management fee of EUR 4.50. At least if no money of at least 700 euros is booked on the account every month. Which then loses its unconditionality.
New customers up to the age of 28 do not have to show a monthly receipt of money in order to be able to continue using the account free of charge. The same applies to existing customers. However, in future they will have to shell out EUR 0.99 per month for the Girocard. Anyone who has only been a DKB customer since November 2021 has had to pay the fee since then. However, customers can also do without the card as an additional service and instead use the bank’s Visa debit card, which is still free, for withdrawing money. However, paying with a debit card or withdrawing money only works as long as there is a balance in the account.
Other direct banks such as ING, Consorsbank, Norisbank or Comdirect had already taken this step many months ago. Just like the DKB, they did not provide any information about the justification for the measure. However, the consumer portal Biallo claims to have learned from various conversations that the cheap direct banks are annoyed by those customers who stay with their previous bank and only open an additional account for free cash supply in the euro area or even worldwide – as in the case of the DKB – to use. Because the direct banks bear the costs of cash withdrawals for their customers.
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