Deutsche Bank restricts cash issuance: customers must adapt

Deutsche Bank wants to restrict the issuance of cash at the counter

A short trip to the branch and getting money quickly: what was once possible without any problems is now associated with more and more obstacles. The latest comes from Deutsche Bank: in the future, the financial institution would like to severely limit the issuance of cash in its branches. Consumer advocates are critical of this decision.

Late payment interest, branch closures and additional charges for previously free services: times for bank customers in Germany have been better. If Deutsche Bank chief Lars Stoy’s idea catches on, it could become even more uncomfortable in the future.

The boss of the retail bank wants them Strictly limit cash withdrawals in branches. In the future, it should only be processed through ATMs, more at the switch. “Going forward, I don’t want to offer cash in branches anymore, because holding cash comes with costs,” Stoy told a non-public investor conference (source: Spiegel).

According to plans, Deutsche Bank wants cash to be dispensed at the counter will only be offered in major centers in the future. It is unclear what it is and when the change will begin. Stoy’s statements were made in late May, but are not known until now. A Deutsche Bank spokeswoman confirmed this.

This is part of the strategic transformation of the money house and will be done “taking into account the respective demand of customers and the offer of self-service services on site”, continued the spokesperson.

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Consumer advocates slam Deutsche Bank

Consumer advocates slam Deutsche Bank’s announcement. Dorothea Mohn of the Federal Association of Consumer Organizations speaks of a “clear setback for consumers” and called on Deutsche Bank to continue offering the service. Mohn also calls on politicians to take countermeasures against such developments. A Restricting cash is not in the interest of consumers.