Münchner Stadtsparkasse increases prices: Bavarian Consumer Center advises changing banks

Münchner Stadtsparkasse increases prices: Bavarian Consumer Center advises changing banks

Link: According to a report by www.sueddeutsche.de,

The Münchner Stadtsparkasse has announced price increases, whereupon the Bavarian Consumer Center has expressed criticism. Customers will be asked to open a new account with another bank. The Sparkasse has introduced new account models in which different basic fees and fees apply for individual bookings. The consumer advice center accuses the savings bank of abandoning its public mandate. Other banks have also regularly increased prices in recent years. These were originally introduced to compensate for the sharp decline in profits due to the European Central Bank's zero interest rate policy.

These announced price increases by Münchner Stadtsparkasse can have various effects on the market and consumers. The higher fees could make many customers angry and look for alternatives, which could lead to a possible loss of customers for the savings bank. This could be particularly the case if other banks offer cheaper or free account models. The consumer advice center's recommendation to switch to another financial institution could reinforce this trend.

In addition, the savings bank is criticized for moving away from its public mission. Banks, especially savings banks, have the responsibility to ensure a basic supply of financial services and to provide a comprehensive branch and ATM network. The savings banks are under pressure to maintain this mandate despite rising costs. The consumer advice centers' demands for a comprehensive network could lead to the savings banks having to make further investments and possibly charge higher prices for their services.

It is important to note that not only Münchner Stadtsparkasse, but also other banks have increased prices. These price adjustments were initially introduced to compensate for the decline in profits due to the zero interest rate policy. However, as interest rates have risen over the past year, banks' profits have recovered. Further increasing prices could be aimed at further increasing profits.

Overall, it is important how Münchner Stadtsparkasse deals with the announced price increases and how customers react to them. It remains to be seen whether other banks will make similar price adjustments and how the market will develop.

Source: According to a report by www.sueddeutsche.de