• Germany's news in English

Banks hike cash machine fees

The Local · 28 Jan 2010, 15:16

Published: 28 Jan 2010 15:16 GMT+01:00

Facebook Twitter Google+ reddit

In a comparison of 200 banks, the survey found that the average such fee has risen by 13 percent in the last half year to reach €5.64, according to the survey cited by daily Süddeutsche Zeitung.

But other banks have moved to almost double this – charging up to €10 to get cash from other banks’ machines.

“The dramatic increase is no longer acceptable,” spokesperson for the VZVB German consumer protection agency Frank-Christian Pauli told the paper, adding that direct banks and branch banks are placing their competition quarrels on the backs of customers.

Providing cash to customers at ATMs actually costs banks just €0.60 per transaction, he said, Max Herbst, owner of FMH said.

Herbst recommended that consumers check their bank statements carefully to find out which banks are charging the most and avoid them.

Story continues below…

Another solution for avoiding the exorbitant fees is using a Visa credit card cash advance, for which banks will only charge €1.74, Herbst said.

According to FHM’s survey, the following banks all now charge €10 fees to use cash machines at other institutions: DKB, Raiba-Voba Donauwörth, Sparda Südwest, Sparda-Bank West, Sparkasse Fürstenfeldbruck , Sparkasse Landshut, Stadtsparkasse Fürt , Voba Kaiserslautern-Nordwestpfalz, VR-Bank Coburg, PSD Bank Hessen-Thüringen.

The Local (news@thelocal.de)

Facebook Twitter Google+ reddit

Your comments about this article

19:12 January 28, 2010 by jillesvangurp
What a rip off. At this price rate it would be cheaper to use my foreign accounts with German ATMs other than those affiliated with Deutsche Bank (i.e. pretty much all of them).

It seems the financial crisis did not have a positive effect on the german banking system which shows all signs of being an oligarchy. Price fixing, absurd rates, lack of flexibility, etc.
00:22 January 31, 2010 by piper1
Banks here in Australia charge 1 Euro per transaction from other banks¦#39; machines. Free from the bank you hold your account with. This was an issue some 6 months ago but the people spoke and the banks listened !

BTW.. it is 32 degrees here
16:48 January 31, 2010 by Legal E
Move your account to Austria (as I did). They refund charges by German banks as it is classed as illegal. Then, for all your standing orders, as of 1st Nov 2010. ALL Banks, companies in EU has to accept borderless banking. Then I close my last bank account in Germany. Bye byee to high banking charges
Today's headlines
Creepy clown scare spreads to Germany
Two of the clowns were apparently equipped with chainsaws. Photo: Pedro Pardo / AFP file picture

Police said Friday five incidents involving so-called scary clowns had occurred in two north German town, including one assailant who hit a man with a baseball bat, amid fears that Halloween could spark a rash of similar attacks.

Student fined for spying on women via their webcams
Photo: DPA

Student from Munich fined €1,000 for spying on 32 different computers, using their webcams to take photographs, or record their keyboard history.

This is how much startup geeks earn in Germany
Photo: DPA

A comprehensive new survey of 143 startup founders shows how much you are likely to be earning at a German startup, from entry level all the way up to sitting on the board.

Man dies after beating for peeing near Freiburg church
The Johannes Church in Freiburg. Photo Jörgens Mi/Wikipedia

A middle-aged man from southern Germany has died after being attacked by a group of men who took umbrage with the fact he was urinating in the vicinity of a church.

The Local List
Seven German celebrities with uncanny doppelgängers
Former Berlin mayor Klaus Wowereit and actor Alec Baldwin. Photo: DPA; Gage Skidmore, Wikimedia Commons

Check out these seven look-a-likes of well known German figures - we admit that some are more tenuous than others...

Israel seeks to buy three new German submarines: report
A Dolphin class submarine. Photo: DPA

Israel is seeking to buy three more advanced submarines from Germany at a combined price of €1.2 billion, an Israeli newspaper reported Friday.

Here’s where people live the longest in Germany
Photo: DPA

Germans down south seem to know the secret to a long life.

More Germans identify as LGBT than in rest of Europe
Photo: DPA

The percentage of the German population which identifies as lesbian, gay, bisexual or transgender is higher than anywhere else in Europe, according to a new study.

'Reichsbürger' pair attack police in Saxony-Anhalt
File photo: DPA.

A "Reichsbürger" and his wife attacked police officers on Thursday, just a day after another Reichsbürger fatally shot an officer in Bavaria.

Five things not to miss at the Frankfurt Book Fair
Photo: DPA

From consulting a book doctor to immersing yourself in an author's world with the help of virtual reality, here are five things not to miss at this week's Frankfurt Book Fair, the world's largest publishing event.

Sponsored Article
How to vote absentee from abroad in the US elections
10 things you never knew about socialist East Germany
Sponsored Article
Last chance to vote absentee in the US elections
How Germans fell in love with America's favourite squash
How I ditched London for Berlin and became a published author
Sponsored Article
How to vote absentee from abroad in the US elections
12 clever German idioms that'll make you sound like a pro
23 fascinating facts you never knew about Berlin
9 unmissable events to check out in Germany this October
10 things you never knew about German reunification
10 things you're sure to notice after an Oktoberfest visit
Germany's 10 most Instagram-able places
15 pics that prove Germany is absolutely enchanting in autumn
10 German films you have to watch before you die
6 things about Munich that’ll stay with you forever
10 pieces of German slang you'll never learn in class
Ouch! Naked swimmer hospitalized after angler hooks his penis
Six reasons why Berlin is now known as 'the failed city'
15 tell-tale signs you’ll never quite master German
7 American habits that make Germans very, very uncomfortable
Story of a fugitive cow who outwitted police for weeks before capture
Eleven famous Germans with surnames that'll make your sides split
The best ways to get a visa as an American in Germany
jobs available
Toytown Germany
Germany's English-speaking crowd