From July, the Sparkasse will increase its fees for various services. In order for the price increase to take effect, however, customers must agree to it. In order to reach as many of them as possible, the savings bank is now using a new method.
In April 2021, the Federal Court of Justice (BGH) ruled that customers must explicitly agree to price increases or changes to their bank’s terms and conditions before they can come into effect. Since then, an adjustment of the catalog of fees has meant a lot of work for the financial institutions, because they have to obtain the consent of as many customers as possible before the changeover. As a rule, this is done via a pop-up via online banking, in the branches or in writing by letter. But not all bank customers can be reached in this way. The Sparkasse’s solution: consent to the price increase via the ATM.
Sparkasse demands approval of price increase at ATMs
If customers do not agree to the planned changes, this is a big problem for banks. Therefore, some savings banks in Germany use the option of obtaining consent via the ATM. This option has been available to them since autumn 2021, reports the Handelsblatt. If Sparkasse customers want to withdraw money, a corresponding pop-up window appears in which they are asked to agree to the price increase. Customers can then choose between the three answer options “Agree”, “Already done” or “Skip”.
Most customers would probably not expect such a query at the ATM. Many of them usually just want to withdraw some money quickly and may be surprised by the extra clicks required. It can happen that they may prematurely click on the “Agree” button to get their money. The savings banks have to send the changed terms and conditions and price lists to their customers by post or digital notification in advance. However, it is questionable whether they really know what they are agreeing to at the vending machine.
According to the Handelsblatt, there is no precise statement as to which savings banks use the agreement to increase prices at ATMs. However, the Berliner Sparkasse and the Sparkasse Mecklenburg-Schwerin are also involved.
Also read: New method to withdraw money from the Sparkasse ATM
Price increase at the Sparkasse: what will be more expensive?
A look at the Sparkasse’s current price display reveals where the bank wants to dig deeper into its customers’ pockets from July. On the one hand, the price increase affects the account management of the “All-inclusive”, “Digital” and “Individual” current account models. From July 1, 2022, there will be 1.95 euros more per month. This corresponds to an increase of up to 195 percent. Issuing a savings bank card (debit card) in existing business is also becoming more expensive. This previously cost EUR 8.50 per year, but the price will then increase to EUR 12 per year for accounts opened before March 16, 2022 (one card is included free of charge in the “Giro Flat Rate” account model).
The price increase does not only affect the savings banks. Many banks have announced that they intend to increase the fees for their services this year. This continues the wave of increases in bank prices that began a few years ago. Although you can no longer do without an account these days, there are hardly any free checking accounts without conditions such as a monthly minimum payment. The use of credit cards has also become more expensive since then.
Also read: If you get a new Sparkasse EC card, you lose two payment options!
What happens if you don’t agree to the changes?
The question is difficult to answer. On the one hand, the banks and savings banks certainly don’t care about losing customers because of a price increase. On the other hand, they have the right to terminate them if they don’t agree with the adjustments. Postbank is a sad pioneer here and is currently informing affected customers that they can close their accounts if they do not agree to the price increase on May 1, 2022 by April 30 at the latest. At the same time, they use a trick: if customers continue to use their account after May 1, the bank automatically accepts the new terms and conditions and prices. A simple debit or payment by bank card is sufficient.
Other banks in Germany have not yet acted with this severity. However, it is quite conceivable that they will follow Postbank’s approach in the long term.