Customers of ING (DiBa) have found a personal message in their mailbox in November, indicating that from 01.03.2022 a deposit fee of 0.5% per year will be due for balances over 50,000 euros. Furthermore, the letter points out that the girocard (formerly known as EC card) will cost 0.99 euros per month from March 2022.
0.5% negative interest on balances of more than 50,000 euros
Anyone with more than 50,000 euros in their checking account, or Extra Konto, will have to pay half a percent interest on it from 01.03.2022. According to ING, about 8% of their customers keep more than 50,000 euros. Thus, around 760,000 customers will probably be affected.
Bypass negative interest: The negative interest only applies to an account balance of more than 50,000 euros. Since ING has an extra account in addition to the current account, the fees can be avoided quite easily by transferring the money from one account to the other. Assuming you have 2,000 euros on the current account and 51,000 euros on the extra account, you only need to transfer 1,001 euros from the extra account to the checking account. Then there will be no more than 50,000 euros in either account and there will be no custody fees. Personally, I would never keep that much money in the checking account anyway. It’s hard to believe that so many people just leave their money in the checking account despite the high inflation.
New fee for the girocard (debit card)
As a customer of ING, there was previously a free Visa card and a free girocard. The Visa card will remain free for now, but the girocard (still known to many as the EC card) will incur 0.99 euros per month in fees starting in March 2022. I myself have been a customer of ING for almost 20 years and actually never use the girocard, because I can pay almost everywhere with the Visa card and I can also get cash for free. It would make perfect sense to cancel the girocard.
On the other hand, it’s cheaper for retailers if people don’t pay with credit cards. I’m still going to figure out what to do.
It would be best for retailers to accept Bitcoin, because then transactions would be as good as free. But unfortunately, we’re not that far along in Germany yet.
Translated with www.DeepL.com/Translator (free version)