The Savings Bank’s Controversial Account Terminations and Fee Increases: How Customers Can Save Their Checking Accounts

As early as October last year, the Sparkasse began to close many customers’ checking accounts. In the meantime, there is one for tens of thousands of customers Termination fluttered into the house. The consumption protection quickly switched on and asked: Is the Sparkasse allowed to do that at all? The short answer was yes. Banks and savings banks do not even have to give a reason for an ordinary termination. And so another wave of layoffs followed in February 2023. 40,000 customers were kicked out. And the layoffs don’t stop.

The savings bank’s enough

Until April 2021 it was like this: If a bank or savings bank introduced account management fees for the current account, for example, the customer did not have to agree to this. If you did not actively object, the Sparkasse assumed that you accepted the change. But then the Federal Court of Justice came and said: it doesn’t work that way. If there are price increases, customers must agree to them. Also at the Sparkasse. So the savings bank asked its customers if they could increase the prices for their checking accounts.

→ Sparkasse, that’s enough! Customers have been milked long enough

For example, there were hints in online banking. Because many customers did not react to this and were not reached by post or telephone, the financial institution came up with another trick. When withdrawing money from ATMs, the aim was to elicit a signature from customers. Before you get cash, you should confirm the new checking account fees. However, since many skipped this step, the account was terminated.

Here’s how you can save your checking account

As the Mark General reported, this now affects a further 8,600 customers of Mittelbrandenburgische Sparkasse. The cancellations that the financial institution is now sending will take effect on October 23, 2023 – should the recipients not take action after all. She assumes that most of those affected unintentionally failed to give their consent: “We would very much regret losing customers because they do not agree,” says Andreas Schulz, CEO of Mittelbrandenburgische Sparkasse.

→ Sparkasse annoys customers: politicians intervene

However, even if the deadline has expired and you have not acted as a Sparkasse customer, you can still save your checking account. If you, as the affected customer, actively use your account after the deadline, for example by paying out cash, this will also be considered as so-called “implicit consent”, i.e. consent to active action. Then the account remains and the fees increase. If you don’t want to pay any fees: There are also banks that offer accounts and cards completely free of charge.