Many Germans still collect their money in the good old piggy bank. However, if you decide to deposit your savings in the bank, you could be surprised by the fees. Many banks justify the charging of fees with the fact that cash involves a considerable additional effort.
Depositing small change costs
Cash costs banks time and therefore money. Because they have to count the money, roll it and pay it into the customer’s account. The fact that more and more banks are charging fees for this not only causes difficulties for some private individuals, but above all for many shopkeepers. Some shops take their earnings to the bank every day and deposit them into their business account.
Depositing up to 50 coins is still free at some banks. If you want to deposit more, you usually have to pay between five and ten euros. However, customers should definitely check with their bank. For example, some banks such as Consorsbank, ING or DKB do not accept cash at all. At other banks, such as Commerzbank, customers can continue to deposit their money free of charge.
At Sparkasse, there may be differences from region to region. Sparkasse Nürnberg has been charging a fee of five euros for cash deposits since July 2020. The Sparkasse Bamberg, on the other hand, charges 2.50 euros for the coin deposit.
Free ways to donate your loose change
There are other ways for private individuals to get rid of small change. For example, the Bundesbank exchanges coins in normal household amounts free of charge. However, the bank operates branches in only 35 cities across Germany. It is also possible that people can hand in their money but have to wait a day for an exchange and therefore have to go to the Bundesbank twice.
At some institutes it is possible to pay in cash free of charge once a year on the so-called World Savings Day. The next World Savings Day will take place on October 28, 2022. But here, too, customers should obtain information from their bank beforehand.
However, the simplest option for private individuals is still to spend their small change when shopping. The North German supermarket chain Familia also allows customers to deposit their small change in coin-operated machines. In return, they will receive a receipt that you can use to pay at the checkout.
Card payment trend due to corona pandemic
Almost all supermarkets now recommend that their customers pay with their giro or credit card. Due to the corona pandemic, care is taken everywhere to keep the risk of infection as low as possible – even when shopping in the supermarket. For this reason, it is recommended to use the option of contactless payment.
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