According to an evaluation by consumer advice centers, bank customers in Germany have to pay above-average fees for the so-called basic account. With normal use, it can be up to almost 28 euros per month, as “Spiegel” reports, citing an evaluation by the Federal Association of Consumer Advice Centers.
Its boss Ramona Pop said: “The costs for a basic account in Germany are by far the highest in Europe.” According to the information, the top price in Denmark is 13 euros and in Finland it is 10 euros. In France, Ireland and Poland, basic accounts are free.
Since summer 2016, every citizen in Germany has been entitled to a current account as a result of an EU directive. Previously, for example, people without a permanent address or refugees often found it difficult to open an account. “Participation in modern social life is unimaginable without an account,” emphasized Pop.
The association once again called for a maximum price to be set for the basic account in Germany. However, the German banking industry rejected a price cap in “Spiegel”. Banks and savings banks set the price independently. In other European countries the account management fees are higher, so the basic account is also paid for by other customers.
