ING Threatens Customers with Termination

The major Dutch bank ING threatens its customers in Germany with a termination of the account details if they do not agree to the new fees and the custody fee “In the end, we need the customers’ consent to continue working with them,” ING Germany boss Nick Jue said. “In the case of customers who do not agree, we reserve the right to terminate the accounts in a last possible step.”

In the spring, the bank announced, among other things, an account management fee of 4.90 euros per month for customers who do not post a monthly incoming payment of at least 700 euros to their checking account. In addition, the bank worsened the conditions for other account services such as the submission of checks, followed in the summer by the announcement of a custody fee of 0.5 percent for account amounts above 50,000 euros. The background to this is the long-term zero interest rate policy of the European Central Bank (ECB). For years, the direct bank, first under the name DiBa and later under the name ING-Diba, attracted customers with relatively high interest rates. The direct bank had 9.2 million customers in Germany and Austria at the end of the first half of the year.

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