Banks: Price increases: Sparkasse Munich is rowing back

After fierce protests against price increases, the Munich Stadtsparkasse has announced a partial withdrawal: withdrawing money from ATMs should remain free of charge.

Banks: Price increases: Sparkasse Munich is rowing back

After fierce protests against price increases, the Munich Stadtsparkasse has announced a partial withdrawal: withdrawing money from ATMs should remain free of charge. "We followed the public discussion and understood that the new account models raised questions in the public," explained CEO Ralf Fleischer.

The largest savings bank in Bavaria and fourth-largest in Germany announced new account models on Monday, between which customers should decide: Depending on the model, the savings bank charges different basic fees and at the same time money for individual bookings. The higher the basic fee, the higher the number of free bookings. Only with the most expensive basic fee of 11.95 euros per month are all bookings free of charge.

Since savings banks are municipal companies, this led to sharp protests. The Bavarian consumer advice center even called on customers to switch to other banks.

The Munich case is part of a larger, national dispute between consumer advocates and savings banks: the consumer advice centers in Bavaria, Brandenburg and Hesse have targeted the savings banks as a whole and are demanding, among other things, the maintenance of a nationwide network of branches and vending machines.

In the state capital, the Sparkasse declared its partial retreat after a conversation between the CEO and Mayor Dieter Reiter (SPD). Reiter heads the board of directors of the Sparkasse and thus has a significant say as controller.

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