At most Deutsche Bank branches, cash will be available only at ATMs in the future. Consumer ombudsmen are critical of the plans.
At most Deutsche Bank branches, cash will no longer be available on hand in the medium term.
“In the future, I no longer want to offer cash at branches, because having cash causes costs,” said Lars Stoy, head of domestic private client business at Germany’s largest financial institution at the end of May. public investor conference, as is known now. Consumer ombudsmen see the plans as “a clear step backwards for consumers”.
Branches should focus on counseling
“The division’s primary role is to sell,” said Stoy. “Advising clients on investments, mortgages, to some extent consumer credit and insurance. Then branches will also be profitable again.” According to the plans, the institute wants to offer cash only in a few large centers. In most Deutsche Bank branches, banknotes will then only be available at ATMs.
Deutsche Bank confirms Stoy’s quotes in various media. The spokeswoman explains that the credit union, as part of its strategic transformation in Germany, will “reduce the amount of personal cash spending at branches in the medium term.” This is done “taking into account the relevant customer demand and the range of on-site self-service services.”
According to Deutsche Bank, the plans are also a response to changes in customer behavior. When it comes to paying and handling cash in general, “there is a clear trend towards cashless payments.” Customers have access to a “nationwide network of ATMs” for cash supplies, and money can also be withdrawn when shopping in many supermarkets or gas stations.
Consumer ombudsmen are critical
Dorothea Mohn of the Federal Association of Consumer Organizations (vzbv) spoke of “a clear step backwards for consumers”. “Where there are still branches, cash desk service should continue to be offered,” demanded the head of the financial market at the Federal Association of Consumer Organizations. “This cash reduction is not in the interest of consumers. Politicians must react to such events and counteract them appropriately. ” Easy access to cash should be ensured.
The number of bank branches in Germany has been falling for years. In order to reduce costs, many lending institutions have thinned their branch networks significantly, also because more and more customers use digital channels for banking transactions. At the same time, there is a tendency to limit the spending of cash on hand. For example, some institutions charge a fee for dispensing banknotes at the counter for certain account models. (dpa)