Bank implements change that affects all customers

Many banks are now charging penalty interest for customers who have a lot of money in their accounts. Now the limits on the amount of money deposited seem to be falling bit by bit. The DKB presents and other banks are likely to follow suit, as has been the case in the past.

DKB: penalty interest from 25,000 euros

When the first banks started charging penalty interest on credit a few months ago, many people were still quite relaxed. You first have to have the 100,000 euros in an account until you hit the penalty fee of 0.5 percent. A short time later, banks such as Postbank charged penalty interest from as little as 50,000 euros. Still a lot of money to have lying around. the DKB is now reducing it to 25,000 euros. And that is definitely an amount that can be achieved.

Since November 10, 2021, penalty interest of 0.5 percent has been charged from a credit balance of 25,000 euros. For the time being, this applies to those since that day newly opened current and overnight accounts as well as credit cards. “Because of falling interest margins and significantly increasing deposits, you see yourself forced to pass the negative interest rate of the European Central Bank on to customers,” said a bank spokesman FAZ.

If you look at the development over the last few months, this change could be meet the existing customers at some point. Almost 520 banks and savings banks in Germany are now charging their customers penalty interest. Whenever one bank lowered the amount, other banks followed suit. Either way, the trend is downward, which is becoming a real problem for balances on accounts.

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Banks want you to invest the money

It is not only the high inflation that is becoming a problem for people with money in their accounts, but also the penalty interest rates, some of which apply. That is why banks recommend their customers to invest the money in order to counteract the loss of value.