Postbank customers can apply for compensation of up to 1,000 euros: financial expert explains conditions

Postbank customers can apply for compensation of up to 1,000 euros: financial expert explains conditions

According to a report by www.fr.de,
Ongoing IT problems and a lack of access to accounts caused dissatisfaction among Postbank customers. Postbank customers faced a number of hurdles this year. There have been massive problems at Postbank for months due to an IT change. These have existed since twelve million Postbank customers and seven million Deutsche Bank customers were brought together on a common platform. The integration of bank customers turned out to be significantly more problematic and lengthy than expected. Between January and September alone, consumer advice centers in Germany received around 1,700 complaints about the Deutsche Bank subsidiaries Postbank and DSL Bank, reports the Federal Association of Consumer Advice Centers (vzbv).

Since last Wednesday (December 20, 2023), Postbank customers have been able to submit an online application to pay up to 1,000 euros. Postbank has provided its customers with a corresponding application form on its website. The offer is intended as a form of compensation for the inconveniences that numerous Postbank customers have faced in recent months.

The fourth and final step in the merger of Postbank and Deutsche Bank customers was completed in July this year. But even after that, the problems didn't stop, on the contrary: around 1,100 complaints were only received by the consumer advice centers in the third quarter. At the beginning of September, the financial regulator Bafin warned Deutsche Bank about significant impairments in customer service and demanded that existing problems be solved immediately. Deutsche Bank also decided to significantly thin out the branch network of its subsidiary Postbank.

The possibility of applying for compensation of up to 1,000 euros is aimed at Postbank customers who have suffered damage due to long processing times for their request. Users of a Postbank account are eligible for compensation if they suffered financial damage in 2023 as a result of the lengthy processing of a seizure, insolvency or seizure protection, the total amount of the damage incurred is less than 1,000 euros and the damage can be proven by receipts.

These long-lasting problems and the associated compensation claims could further weaken trust in Postbank and Deutsche Bank. Customers affected by the difficulties may feel happier after receiving compensation, but the banks' overall reputation may continue to suffer. Companies in similar situations should take urgent precautions to avoid similar issues in the future, as this can avoid long-term damage to their reputation and finances.