No more deposits possible? This is what you can do now - tips from the financial expert

Bankensterben: Erste Sparkasse akzeptiert kein Bargeld mehr

According to a report by amp.focus.de,

When savings banks, Raiffeisen banks or private banks close their branches, they often leave behind empty shops and, in some cases, an ATM. This way, customers can at least get cash or deposit it into their account. However, because the maintenance and operating costs of these machines are high, some financial institutions also withdraw cash machines - and this can often lead to problems.

But that's not enough. A Sparkasse branch in Niederdorfelden near Frankfurt am Main (Hesse) no longer accepts cash at the counter. This is possible, explains the savings bank itself. When it comes to branches with “lower staffing levels”, there is usually no cash register “for deposits and withdrawals”. The staff then only takes care of providing advice on loans, accounts and investments.

Over 90 percent of Sparkasse customers need around eight minutes to get to the nearest branch. As the branch network thins out, this time may increase significantly in the future. Business people, clubs and private individuals in particular rely on this deposit option. If this option is not available, they either have to take long detours to get rid of their cash or - in the case of business people - hire expensive cash transport companies to collect the cash.

To find out what services a savings bank or, in general, a financial institution offers and where the nearest branch is, those interested can use the relevant branch finder or the map programs Google Maps, Apple Maps or Waze. If you frequently deposit cash, you should find out exactly which bank in your area offers this service free of charge and change banks accordingly.

Customers can deposit cash free of charge at the counter or ATM of Commerzbank, Postbank, Deutsche Bank, Norisbank, 1822direkt, Sparkasse and ING (as of October 26, 2023). However, deposits into third-party accounts that do not belong to the bank are not possible. At Comdirect, every deposit into a Commerzbank or Comdirect account costs 4.90 euros, and the first three deposits per year are free. At N26 the service costs 1.5 percent of the amount deposited.

There are also Reisebank ATMs at most main train stations, near attractions or airports. Those affected can deposit cash at some of these ATMs for a fee. Rewe and dm also offer deposits in selected branches via the credit institution's online banking or via functions such as “Cash in Shop” (DKB). However, such digital solutions are often very complicated.

Last year, Deutsche Bank announced that it would close almost 200 Postbank branches across Germany by 2023 and Commerzbank would divest itself of almost 220 locations by the end of 2022.

When banks close, it means that some people lose access to traditional cash services. It becomes more difficult to make transfers, withdraw or deposit money and obtain loans. In certain cases, banks that close their branches may set up digital alternatives such as online banking or mobile applications. This allows customers to access their banking services via the Internet. Simple example: If you need a loan, you can use video call advice.

For the older generation, the closure of branches represents a major challenge. The financial institutions often not only withdraw staff, but also the ATMs. Seniors sometimes have to take long bus journeys and are not fit enough for online services. Many people in rural areas neither own a cell phone nor a computer. Seniors often give their bank card and four-digit PIN to neighbors, relatives or friends at their own risk, who then provide them with cash. As a rule, banks, cooperative banks and savings banks warn against exactly this approach.