Bank customers often have the feeling that the bank does not manage their money, but instead collects money without authorization. Unclear billing, fees that seem too high, and a lack of interest on credit balances are just a few of the points that annoy customers. How to find your way through the jungle of costs.
The most important thing in brief:
- Banks have different pricing structures. This often makes it confusing for customers.
- Check the costs and compare them with other offers.
- For free offers, ask whether there are any hidden fees in the price list.
- The consumer advice center can have the legitimacy of certain fees for banking services checked by the courts – and often with success.
Current account – price confusion included
Different banks – different pricing. In some cases, even within a bank, differentiation is made depending on the offer. Sometimes there is a flat rate for account management that includes all services. At other banks, however, every individual account transaction is taken into account in addition to the basic fee – or they bill solely based on the number of bookings.
Free accounts are also advertised. Then take a close look to see whether there isn't a horse's foot hidden in the small print of the price list or behind an asterisk.
- Take a critical look at your account and your personal usage behavior over a longer period of time.
- Add up all the costs and compare them with other offers.
- Also take into account that some banks pay interest on balances.
- Take your time when selecting your account.
- If you are offering a free account, ask carefully whether there are fees for certain services hidden in the price list.
Debit entries – please understand
Checking the fees the bank is charging your account is sometimes easier said than done. Because if the costs are only listed in the “package” in the account statement, it is not always clear which individual items are hidden behind them.
As a customer, you have the right to request a detailed breakdown of the costs from your bank, for example interest and fee rates, if the total amount seems doubtful to you. Your bank must provide you with a fee statement free of charge at least once a year.
- You don't have to simply accept blanket bookings of charges.
- In any case, you should check yourself – at least on a random basis – whether the flat rates are correct. If not, register your objection immediately!
Prices – visible to everyone
Something that is usually taken for granted at concerts is often looked for in vain at banks: the free encores. In plain language: money is required for many services that are actually self-evident. For example, for executing standing orders or withdrawing money from the bank's own ATM. This is rarely mentioned in advertising papers.
Only the detailed price lists provide information about these costs. These must be kept available for inspection at the counter. Be sure to request this list when opening an account. If price information for certain standard services is missing, the credit institution may not charge a fee for these.
- Every now and then, ask your bank to provide you with the current price list and check the bank's homepage to see if you can find it there.
- If the bank increases its prices, you can object and terminate your account, usually free of charge and without notice, or within one month if agreed separately. You will then pay the old fees until the account is closed.
- If you want to stay with this bank, you should actively agree to the increase offer. If you do nothing, the bank could basically cancel your account. So think carefully about whether you want to stay with your old bank or switch.
- If you wanted to change banks anyway, now is the opportunity to do so. To do this, use the new bank’s statutory account switching assistance.
As always – no rule without exception
Although banks are generally obliged to display prices, there are some services that are chargeable and do not have to be included in the price list. This includes services that are not part of day-to-day business and that are provided on your behalf or in your presumed interest: for example, resending the account documents at the customer's request or presenting an individual certificate of capital gains to the tax office.
However, fees for this must not occur in a vacuum; They must not be unreasonably high, must be set individually and be comprehensible. Also for the court. In the event of a dispute, the credit company must disclose its calculation there.
- It is definitely appropriate to cast a critical eye on such special fees.
- If the fee is excessive or the bank does not fulfill its obligation to provide information and provide evidence, the court can reduce the amount. An example: the bank charges 30 euros for a copy of a certain account statement. Since the bank employee barely spent half an hour retrieving this copy from the computer, the costs are too high.
- If the costs seem Spanish to you and the bank doesn't give in, you can call the credit institution's arbitration board free of charge. However, you should only choose a lawyer if you have legal protection insurance. A simpler – and sometimes cheaper – solution to the conflict is to change banks if the institution is particularly stubborn.
Service – not always free
The bank not only has rights, but also obligations. And they generally shouldn't cost anything. This includes services that are simply part of the giro contract – such as closing the account or creating an account statement, unless it is sent by post if the customer expressly requests this.
Since “modern banking assistants” such as ATMs or account statement printers reduce waiting times and free up staff, these modern banking services should actually not incur any additional costs for the customer, but rather the customer should have a cost advantage.
- A bank's main services must be free of charge. If banks are increasingly relying on self-service, this should not incur any additional costs for the customer.
- If there are no longer any free account statements at the counter, they must be issued free of charge at the machine – and, if desired, with a free and risk-free customer card.
Additional costs – caused by you as a customer
Of course, it can happen that you as a bank customer incur additional costs – for example if reminders have to be sent. It is justified that the customer pays these costs out of his own pocket – but only these. The bank is entitled to compensation, but is not allowed to set the price arbitrarily. In some cases, courts have considered 2.50 euros for a reminder to be excessive. The first reminder must be free of charge. If a direct debit is not honored, your bank can charge a fee for the rejection, which must be appropriate and based on actual costs. You can read which bank fees are permitted and which are not in the linked article.
The provider to whom the direct debit authorization is granted has an obligation to cover the account and, in the event of a breach of this, an obligation to pay compensation. However, the injured party is generally not allowed to charge for their own effort costs, for example for their own staff.
- If you are charged excessive reminder fees, you should complain to your bank and request a reduction. You only need to be liable if you can prove that you are responsible for the damage – but not if the bank is acting in its own business interests.
What applies to online banking?
Carrying out banking transactions online – this is a good alternative to going to the bank, especially for working people. With online banking you can make transfers, set up standing orders or print out account statements around the clock. Because you relieve the bank of work, online users are often rewarded with lower account costs – and customers who do not use online banking are punished with higher costs.
Security is ensured when transferring data: they are transmitted in encrypted form. However, online banking is not free of all risks. Criminals can install spying programs on bank customers' devices in order to obtain the security data required for transfers.
Or they use so-called “phishing”, derived from “password” and “fishing”: a link is sent via personal message via email, SMS or messenger to a deceptively realistic bank website, for example with the Please enter your PIN and TAN for a security check. The alleged activation of payment cards is also faked in this way.
- In your own interest, ensure that effective virus protection programs are used that are updated automatically. This does not provide absolute protection, but it may make access more difficult for perpetrators.
- Be careful when handling your personal data. This reduces the risk of being approached by fraudsters.
- Do not respond to requests to provide your PIN or TAN to third parties. No bank will approach you in this way on its own initiative.
- In your own interest, only enter the access and security data yourself on the banking site you are familiar with or, ideally, only in the real banking app.
- Do not use public WiFi networks or freely accessible devices or PCs for online banking. The technology could be manipulated.
You can find the latest warnings in the consumer advice centers' phishing radar.
Bank changes – good for competition
There is no official price supervision by the state or consumer associations over the banks. The banks represent a completely normal economic market; prices are determined by competition. You as the customer are the only price regulator. By deciding to switch banks, you can put pressure on the pricing of credit institutions. And it is up to you to choose the bank with the best conditions.
It is always worth comparing the fees of the individual banks. Especially if your credit institution's prices seem too high, you should get the competitor's rates and, if necessary, change the institution.
By the way, the account connection can be closed at any time, without justification and without observing a deadline. Don't worry about annoying paperwork! With a bit of luck, the new bank will take it away from you.
Sometimes it makes sense to work with several banks – depending on what service you want to use and what they offer you in return. If your bank doesn't offer any interest on your balance, you should, for example, park your balance at a direct bank that rewards you with a good daily interest rate.
