Postbank customers: Tens of thousands with checking accounts face termination on April 30!

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If Postbank customers do not agree to the bank’s conditions, their checking accounts will be terminated on the 30th of April!

Postbank customers face account closure on the 30th of April: Postbank has become the first major bank to announce that it will close its customers’ current accounts if they do not agree to the financial institution’s current prices and conditions. According to Deutsche Bank, tens of thousands of people who received a letter to this effect were affected. Find out what will happen below and when the current accounts will be terminated.

Postbank: Tens of thousands of customers are now threatened with termination of their checking accounts

In April 2021, the Federal Court of Justice declared all changes to the General Terms and Conditions (GTC) of banks to be invalid if customers did not explicitly agree to them. Since then, financial institutions like Postbank in Germany have had to get express approval in order to raise prices.

► Postbank, a Deutsche Bank brand, poses massive problems for customers with this new regulation, because the company says it has been waiting for months in vain for the approval of its customers, who have not yet responded to a corresponding information letter about a price increase for their checking accounts.

Termination of current accounts as of April 30: Postbank announces drastic steps in letters

According to Deutsche Bank, there is a “mid-five-digit number” of Postbank customers who have not yet responded to the letter and are therefore still paying the old, lower price for their checking accounts. In order to persuade them to act anyway, Postbank is now taking radical measures.

► In a new letter to its customers, Postbank Germany indicated that it will terminate its customers’ current account contracts as of April 30th. “But we would like to keep you as our customer. To avoid account closure, we offer you the conclusion of a new current account contract with our current prices and conditions”.


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Postbank customers can still use their checking account two months after termination

Postbank customers have until April 30, 2022 to avoid having their checking account canceled by agreeing to the new, higher fees either in writing or online. If you don’t do this, the termination will take effect from the specified date – but under special conditions.

► The Postbank account termination does not mean an immediate end to the current account: As the letter further states, the accounts will remain active for a further two months beyond April 30th

Can you use your Postbank checking account after termination? Only possible under new conditions

What does that mean? This means anyone who wants to access the Postbank online-banking account again from May 1, 2022 for example to make a transfer or withdraw money, automatically agrees to the new terms and conditions and pays the higher costs for the remaining time

Access to the current account will not be possible after June 30, 2022. Then customers have to look for a new bank. 


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Current Postbank account prices

Postbank makes several account models available. These are all designed for different age groups and for different purposes. The account management fees vary from checking account to checking account as follows:

  • Postbank Giro Direct:  EUR 1.90 per month / free for students and trainees
  • Postbank Giro Plus:  EUR 5.90 per month
  • Postbank Giro Extra Plus:  EUR 10.90 per month (free of charge from EUR 3,000 cashless receipt)
  • Postbank Giro Start Direct:  free of charge from 7 to 22 years
  • Postbank Giro basis: EUR 4.90 (only on a credit basis)

Postbank account management fees are in the higher range. Even for the online account, the Postbank Giro Direkt, a fee is required.

► Unfortunately, the options for avoiding the monthly account management fee are limited. Because the Postbank Giro Direkt account, for example, is only free of charge for students and trainees. In addition, Postbank also offers the Postbank Giro Start Direkt, which is a so-called children’s account and is therefore age-limited. Only those who use the Postbank Giro extra plus account as a salary account can also save on the account management fee, provided they have a minimum incoming payment of EUR 3,000 per month.

► In addition, with a Postbank checking account, you should keep in mind that other costs can be incurred when using the account in addition to the account management fee.

What additional fees does Postbank charge?

Postbank current accounts are subject to a fee with a few exceptions, but this is not the only fee that may be incurred. Regular usage makes some of the Postbank account models very expensive. 

In addition to the account management fees, you should also keep in mind all the other conditions. An important fee is charged for a balance of 50,000 euros or more in a Postbank checking account. A so-called custody fee of 0.5 percent per checking account is charged here.

Account movements

Additional fees may apply to Postbank even if you only use your checking account. Paper-based transfers sometimes cost an additional 2.50 euros for the Postbank Giro Direkt account, and a further 50 cents are due when using the account statement printer.

Cash handling

An advantage of the Postbank is that it provides many branches, making it convenient to carry out cash transactions. However, this should only be used at Postbank or Cash Group ATMs, as handling cash at other ATMs can quickly become expensive. At this point there are additional costs. If you do not pay the fees of the respective operator of the machine, there is a fee of one percent, but at least 5.99 euros. With the Postbank Giro extra plus account alone, free cash withdrawals can be accessed worldwide.

Credit cards

You also have to reckon with additional fees for the credit cards associated with the Postbank checking account. These are composed as follows:

  • Postbank Visa Shopping Card: free (from 3,000 annual sales, otherwise 9.90 euros per year)
  • Postbank Visa Card: 29 euros per year (free in the 1st year with the Postbank Giro plus account)
  • Postbank Mastercard: 29 euros per year (free with the Postbank Giro extra plus account)
  • Postbank Visa Card Prepaid: 29 euros per year (free in the 1st year with the Postbank Giro plus account)
  • Postbank Visa Gold Card: 59 euros per year (free in the 1st year)
  • Postbank Visa Platinum Card: 99 euros per year

All credit card models can be paid off in installments or in installments. Only the Postbank Giro extra plus includes a free credit card. Here you can choose from the various Postbank credit card models.

Foreign payments

The credit cards associated with a Postbank checking account are not really suitable for use abroad. Because when paying abroad, a foreign currency fee of 1.85 percent applies. This is rather unfavorable, especially in terms of the competition, since there are sometimes many credit cards that stand out due to favorable conditions when traveling.

Customer advisory

With Postbank’s online account, the Postbank Giro Direkt account, additional fees may apply for advice. If you want to access telephone advice, you have to be prepared for a surcharge of 2.50 euros if a customer advisor is involved.

Expaturm
Expaturmhttps://www.expaturm.com/
Expaturm aims to help educate Expats in Germany on key issues that they will have to deal with while living in Germany by providing everything you need to know about Banking, Healthcare, Lifestyle, and Housing in Germany

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