DKB used to be one of the cheapest and most popular banks in Germany with its free checking account and included Visa card. But things are different now, because the DKB has changed a lot in the past few months – to the detriment of customers. Now the bank has again announced deterioration and price increases.
An unconditionally free account, a free credit and debit card and even free cash withdrawals worldwide. All of these were points that made the account with the DKB so popular with many users. Last year, however, the bank abolished the free Visa card and exchanged it for a debit card. New customers also had to pay for the Girocard if they wanted one. And now this too: The DKB abolishes the unconditionally free account and introduces account management fees. At the same time, the bank breaks a promise to its existing customers. Because they too will soon have to pay for the Girocard.
DKB introduces account management fee
The DKB is currently informing its customers about the changed List of prices and services. The most striking thing in the list is probably the item with the account management fees. Because at the DKB, only two types of accounts will soon be free. On the one hand there is the current account for users under the age of 18, the so-called DKB current account u18, and on the other hand the regular current account for customers under the age of 28. All those who are older will have to pay an account management fee in future if they cannot prove that they have received at least 700 euros a month.
According to the DKB, the account management fee is EUR 4.50 per month – quite a lot when you consider that the bank is mainly active online and offers virtually no personal service. The DKB also charges a surcharge if customers have more than one account at the bank. In the future, she will charge EUR 2.50 per month for each additional account.
The account management fee at the DKB applies immediately to all accounts opened after September 13, 2022. For existing customers, the new regulation will come into force from January 2023.
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Girocard will soon also be subject to a fee for existing customers
In addition to the introduction of the account management fee, the DKB announces another annoyance. And this is likely to annoy existing customers in particular. Because with the change, the DKB breaks a promise to its long-standing customers. In the past year, the bank has already made some changes to the detriment of customers. Since November 10, new customers have no longer received the Girocard, also known as an EC card or classic money card, free of charge with their account. The bank also canceled the Visa card during the changeover. Instead, the DKB has since issued a Visa debit card that combines both. In international payment transactions, however, the debit card can sometimes not be used everywhere like a real credit card.
New customers who do not want to do without the Girocard have been paying 99 cents per month since the end of 2021. For existing customers, however, it has so far continued to be free of charge. But this is exactly where the DKB comes in and is also eliminating this extra for long-standing customers. From 2023 they will also pay just under one euro a month if they want to keep their cards. The Visa card is already optional and costs 2.49 euros per month if desired.
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Customers must agree to the changes
Maren Heiss, Head of Private Customers at DKB, comments on the adjustments: “In view of the current changes, it was particularly important to us that our core product DKB current account + Visa debit card as an individual or joint account remains largely free of charge. In the future, customers will only pay for additional services that they individually request. We are thus keeping the promise of a current account without account management fees, including a free Visa debit card, for the majority of our more than 5.2 million customers.”
Whether it is enough to keep a promise for the majority, but not for all customers, remains to be seen. TECHBOOK asked the DKB for the background to the new pricing policy. However, we did not have a statement by the time this article was published.
DKB customers can now find the complete list of all adjustments in their mailbox on the bank’s website. According to a judgment of the Federal Court of Justice (BGH) of April 27, 2021 (Az. XI ZR 26/20), you must actively agree to them so that they can come into force. But anyone who now thinks that they can avoid the price adjustment without confirmation is wrong. In the past year, banks sometimes even terminated their customers because of outstanding declarations of consent.