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Banks signal readiness to reduce ATM fees

DDP/The Local · 26 Mar 2010, 08:34

Published: 26 Mar 2010 08:34 GMT+01:00

Bank customers tired of fees that reach as high as €10 may find relief in the coming weeks, Aigner told broadcaster Deutschlandfunk.

Germany’s banks charge unusually high fees by international standards, particularly for unaffiliated customers.

But the banks have shown a readiness to adhere to an obligatory limit and inform customers of the fee at the beginning of their cash machine transaction, Aigner said.

"I am expecting it," she said.

While she could not yet name what the limit would be, Aigner ensured it would definitely be “below the current level,” making a sum of €5 “the high limit and not the average price,” even for unaffiliated customers.

Story continues below…

The minister also told Deutschlandfunk that polls showing a serious loss of trust in banks due to pressure on employees to push financial products should be a “major warning signal.”

Aigner planned to discuss reforms with the country’s banking association on Friday, she said.

DDP/The Local (news@thelocal.de)

Your comments about this article

11:18 March 26, 2010 by dcgi
And what to mandatory warning screens on the ATM confirming the amount you will be charged before withdraw your money??
11:22 March 26, 2010 by wwessing
how much is $10.00 dollar in euro money,and do yall have a wachovia bank over there?

over here in the united states the bank were we bank at do not charge a fee for use thier atm,but if you another bank amt they will charge you for it and the other bank will charge you too.

thank you william fred wessinger
11:32 March 26, 2010 by freechoice
they should compulsory flash the fees before asking the user if they want to withdraw money...

i can't find this information anywhere on the ATM machines...until I received the statement of transactions...
12:04 March 26, 2010 by Clapoti
They should definitely show how much it will be... that's what they do in Canada. "You will be charged 3.00$, do you want to continue ?"
12:54 March 26, 2010 by twisted
No fee should exceed € 2.00, regardless of the amount withdrawn or the card used. Bankers make enough money now. The word SERVICE seems to be lost forever when it comes to banks.
15:04 March 26, 2010 by ttnp3
If someone takes money from my account without telling me, I call it stealing!
05:13 March 29, 2010 by peschvogel
Maybe this has something to do with it:

Germany¦#39;s central bank ­ the Deutsche Bundesbank (German for German Federal Bank) ­ has admitted in writing that banks create credit out of thin air.

As the Bundesbank states in a publication entitled ¦quot;Money and Monetary Policy¦quot; (pages 88-93; translation provided by Google translate, but German speaker and economic writer Festan von Geldern confirmed the basic translation.'
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