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Banks should waive fees for cash withdrawals
"Learn why retailers in Germany are questioning cash payouts in supermarkets and what impact this could have on consumers. Banks reject criticism, but the debate is ongoing."
Banks should waive fees for cash withdrawals
Retailers in Germany are pushing for customers to no longer be able to withdraw cash from their stores in the future. The German Trade Association (HDE) is calling on banks to waive the fees that are currently charged for this service. According to HDE expert Ulrich Binnebößel, it is not justifiable for banks to benefit financially from a service that they do not offer themselves.
The German Savings Banks and Giro Association rejects the demand for a fee for cash withdrawals in retail stores. According to them, merchants offer this service voluntarily and emphasize that it is neither possible nor desirable for retailers to take over the function of over 51,000 ATMs. Retailers have the task of supplementing the cash supply, not replacing it.
Cash withdrawals in supermarkets have increased significantly in recent years and are popular with consumers. According to a study by the retail research institute EHI, the total volume of payouts rose by around 20 percent to 12.31 billion euros in 2023. As usage increases, the fees that trading companies have to pay to banks also increase.
Last year, retailers paid a total of 17.23 million euros in fees for cash withdrawals in their stores. These costs are passed on to the final prices and thus passed on to the customers. Consumer advice centers complain that access to cash has become more difficult as ATMs have been dismantled and bank branches closed. According to experts, this can mean that companies have to temporarily buy additional cash in order to be able to meet demand.