Stadtsparkasse München: New account models and fees - What financial experts say about it

Stadtsparkasse München: New account models and fees - What financial experts say about it

Stadtsparkasse München recently introduced new account models that have met with criticism from consumer advocates. Although some changes have been made, the Bavarian Consumer Center remains dissatisfied. The Stadtsparkasse now charges fees for payments with the savings bank card as soon as the amount exceeds 10 euros. This weakens the attractiveness of the Girocard compared to other debit and credit cards. The new account models are also complicated, as a kind of flat rate can be used for services, but extra fees apply for every direct debit and card payment over 10 euros. Consumer advocates are calling for more customer-friendly conditions. However, the Stadtsparkasse stands by its decision. Despite the reform, the Bavarian Consumer Center is still dissatisfied. The discussion about the Stadtsparkasse is also continuing in the Munich city council. The costs for staff could increase because the city savings bank is affected by collective agreements for the public sector. It remains to be seen whether the Stadtsparkasse will also have to expect lower income from current accounts. It remains to be seen what customers will decide, as the cheaper account variant now includes more ATM withdrawals and trips to the bakery. The Stadtsparkasse does not expect any chaos among customers and plans to write to those who should not be informed until next week as planned.

According to a report from www.abendzeitung-muenchen.de [^1^], the Stadtsparkasse München has introduced new account models that have been criticized by consumer advocates. Despite some changes, the Bavarian Consumer Center remains dissatisfied. The Stadtsparkasse now charges fees for payments with the savings bank card as soon as the amount exceeds 10 euros. This weakens the attractiveness of the Girocard compared to other debit and credit cards. The cost regulations for transfers and standing orders remain unchanged. Consumer advocates are demanding more customer-friendly conditions and describe the new models as too complicated. The Stadtsparkasse is still being discussed in the Munich city council. Staff costs could rise as public sector collective bargaining agreements are pending. It remains to be seen whether the Stadtsparkasse will also have to expect lower income from current accounts. However, the Stadtsparkasse does not expect any problems with customers and plans to write to those who should not be informed until next week as planned.

Source: [^1^] www.abendzeitung-muenchen.de