started · updated
Bundesbank to end free accounts and depots for employees
The Bundesbank has announced it will discontinue free checking accounts and securities depots for its employees and pensioners. The decision, which was approved by an internal reconciliation body, affects approximately 21,000 accounts.
According to reports, the central bank aims to save costs, as modernizing the existing account systems would require a significant investment. Bundesbank President Joachim Nagel reportedly estimated the modernization costs in mid-2024 to be a large double-digit million euro amount.
The move has drawn sharp criticism from staff representatives, who claim the leadership refused to seek an amicable solution. The phase-out is expected to be completed by mid-2029. During the transition, the Bundesbank intends to present partnership offers from commercial banks and provide assistance for account transfers.
Entities
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 4 SOURCES] Approximately 21,000 accounts are affected by the decision. www.fehmarn24.de · www.leinetal24.de · www.onetz.de · www.zeit.de
- [● 4 SOURCES] The decision affects free checking accounts and securities depots for employees and pensioners. www.fehmarn24.de · www.leinetal24.de · www.onetz.de · www.zeit.de
- [● 4 SOURCES] An internal reconciliation body approved the cost-cutting measure. www.fehmarn24.de · www.leinetal24.de · www.onetz.de · www.zeit.de
- [● 4 SOURCES] The cancellations are expected to take effect by the end of a transition period in mid-2029. www.fehmarn24.de · www.leinetal24.de · www.onetz.de · www.zeit.de
- [● 4 SOURCES] Modernization costs for the accounts were estimated in the summer of 2024 to be a large double-digit million amount. www.fehmarn24.de · www.leinetal24.de · www.onetz.de · www.zeit.de
- [● 4 SOURCES] The Bundesbank has decided to discontinue employee business involving personal accounts. www.fehmarn24.de · www.leinetal24.de · www.onetz.de · www.zeit.de