Wednesday, June 02, 2021
Allowances differ
Postbank imposes penalty interest from 25,000 euros
Previously, Postbank customers could accumulate up to 100,000 euros in their overnight money accounts without interest. Now the Deutsche Bank subsidiary is significantly lowering the upper limit for tax exemptions. Customers with current and investment accounts will also be affected by the changeover – albeit not quite as drastically.
Postbank is significantly lowering the allowances for savings deposits. As of June 21, the bank will charge custody fees for newly concluded contracts from an amount of 50,000 euros on current and investment accounts and from 25,000 euros on overnight money accounts, as the institute explained. So far, the tax exemption at the Deutsche Bank subsidiary was 100,000 euros.
For the time being, no changes are planned for savings deposits in accounts of the Deutsche Bank brand, added a spokesman. “We keep an eye on market developments and decide how to proceed in due course.” Deutsche Bank charges customers with penalty interest of EUR 100,000 or more.
At the beginning of May it was also announced that, according to a newspaper report, Deutsche Bank is aiming for a more extensive closure of Postbank branches than initially planned. Deutsche Bank has started negotiations with Deutsche Post with the aim of changing a cooperation agreement concluded in 2017, reported the “Frankfurter Allgemeine Zeitung” (FAZ).
The contract therefore only allows Deutsche Bank to close 50 of the currently 800 Postbank branches each year. According to the report, Deutsche Bank plans to go above that number as digital banking accelerates significantly. The Vice-Chairman of the Management Board Karl von Rohr told the FAZ that the number of digital product deals under the Deutsche Bank brand alone increased by 108 percent in the past year, i.e. more than doubled. Your smartphone app is now registering 30 million customer logins per month. And the number of digital customer contacts in the two brands Deutsche Bank and Postbank was 19 percent higher in 2020 than in the previous year.
.