Changing Bank - is internet banking a viable solution

66 posts in this topic

11 hours ago, theGman said:

 

They wanted to block €2k on a card for the insurance excess. They were adamant it had to be a credit card and not a visa debit. 

On 10/06/2021, 19:18:16, yesterday said:

 

 

Yes, I think this is always the case with car rental. Not sure exactly why, but I think unless it's a credit card, they aren't able to charge you in case of damages.

In short: can't rent a car without a credit card. In fact, this is the ONLY reason I think it's good having a cc. 

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10 hours ago, yesterday said:

Credit cards have many advantages over debt cards

Dont write them off

 

I have used my credit card as much as possible in the past. I liked the protection. I was able to make several reclaims over the years when I got screwed over by something or other. Anyone know whether visa debit cards can offer the same protection?

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Yes I'm certainly glad I paid for flights with a CC that were subsequently cancelled and the airline blanked me when I refused a voucher. Charged it back in my DKB credit card. Had the money within 3 weeks I'd say.

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We pay for literally everything on the credit card and then pay off the balance in full.  Other than the benefit of the protection already mentioned and the issue with car hire companies, regularly using a credit card in this way also helps build your credit rating, well in the UK anyway.  But I assume the credit rate firms work in a similar way in other countries too.  Just don't mist a payment or pay less than the full balance of course...

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1 hour ago, murphaph said:

Yes I'm certainly glad I paid for flights with a CC that were subsequently cancelled and the airline blanked me when I refused a voucher. Charged it back in my DKB credit card. Had the money within 3 weeks I'd say.

 

The problem is that reversing payments is not always a solution in Germany and it can make things worse.  They can later send bills with unreasonable increased amounts due to the admin work they have to do for it.   And if you do not pay they will sell the debt to an Inkasso, which then it will increase again and if you do not pay you have to fight them legally.

 

I am not saying it will happen to you or that you were not treated unfairly, only how the situation is here in Germany.   Mostly the best way is to get them to give you back the money instead.

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5 minutes ago, Krieg said:

 

The problem is that reversing payments is not always a solution in Germany and it can make things worse.  They can later send bills with unreasonable increased amounts due to the admin work they have to do for it.   And if you do not pay they will sell the debt to an Inkasso, which then it will increase again and if you do not pay you have to fight them legally.

 

I am not saying it will happen to you or that you were not treated unfairly, only how the situation is here in Germany.   Mostly the best way is to get them to give you back the money instead.

 

When you charge back on a credit card, they investigate which is what takes time.  I have done it twice, in one case it was a malfunction and my card was charged twice for the same amount and the other it was a flight that was never taken because the airline went bancrupt.  In both cases it took a while to get the money back.  I think 4-6 weeks.  The airline would have been a hard one to get money from had I paid via transfer.

 

You can however also charge back amounts taken out of your bank account and that is instant and will usually be followed by a re-charge on your account plus processing fees.

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On 8/6/2021, 1:21:57, bbogdanmircea said:

Hello, same situation here, looking for alternatives to Commerzbank for a second girokonto without any income that would have the lowest fees or zero is possible.

Until now I found Santander, DKB and HVB that have also physical locations.

Of course there are lots of other online banks, I think even Trade Republic is now a bank and offers a girokonto and very good options if you want to buy some ETFs?

 

I opened an account with Fidor and so far found that they are good. When opening a new account, I always ask questions of their support at an early stage to test out the response time and quality of service and Fidor were good (they also have an online forum). You pay five euros a month for account maintenance BUT if you use the account ten times a month you get credited five euros (so just use it at the bakery each time you buy a loaf of bread or at the supermarket buying small things). The card is both Maesto and MasterCard at the same time (you choose at the till which one you want to go with, although the MasterCard account is really more like a debit card).

 

I am with Commerzbank, but they are shutting branches, so they are not really different from any of the internet banks. I live in the middle of nowhere and the branch in the nearest town is not even staffed. I am seriously even thinking of switching to the local Sparkasse as my "bank where you can physically go round if necessary", though may switch to Comdirect instead.

 

I have an account with N26, but am not totally happy with them. One thing you might consider is Wise. They give you a card for 8 euros and seem good if you are transferring between currencies. Support is very good with them. They are NOT a bank, so 100K euros is not protected, but they are backed up by quite big capital (so just do not use them for savings).

 

 

 

 

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Anybody that is with Klarna or Traders public?

Do you know if all the banks will have a limit from which they will charge interest?

I think Commerzbank is 50k and 0.5%.

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7 hours ago, bbogdanmircea said:

Traders public?

On 30/08/2021, 10:03:01, theGman said:

 

On 10/06/2021, 19:18:16, yesterday said:

 

Spelling mistake maybe?

I have a depot with Trade Republic. So far so good. I contacted them x support once or twice, they were good. I asked questions in English, they answered in English, and extremely fast.

 

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I see also Santander has a free comission account from what they say? Anybody with them?

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25 minutes ago, bbogdanmircea said:

I see also Santander has a free comission account from what they say? Anybody with them?

 

I am.  I have the 1-2-3 account which is free if you have 1200 a month coming in and gets you bonuses of up to 6€ a month for certain things such as having your salary go in there, having a certain number of direct debit going out etc.  There is however another account called Best Giro which is free regardless of money going in but doesn't get you a bonus.

 

I asked them how they can afford to do this and they said something about being a small bank and not spending all their money on advertising.  I know they do a lot of car loans on the side.

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51 minutes ago, LeonG said:

I asked them how they can afford to do this and they said something about being a small bank and not spending all their money on advertising.  I know they do a lot of car loans on the side.

I know exactly how they can afford this because I had one of their special bonus (when using the card to buy petrol etc.) credit cards for a while: They cheat.

The card that I had was rolling credit but I always paid the full amount by the due day, except for a couple of times when I was a few days late. The interest for these few days would have come out to a few cent, but they always charged me several Euros. Each time I complained they just reimbursed the money, but it kept happening... Very strange IT "error". Probably most people will not look at their statements too closely and so they get away with it.

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My experience is that interest in credit card purchases runs from the date of the expenditure to the date of payment if you miss the due date and incur interest at all.  So at the sorts of eye-watering rates credit cards charge, you could pay 3 or 4 Euro on a 100 Euro balance if you are just 1 day late in paying.  The less is, never pay anything less than the full balance.

 

My card charges a "mere" 12% but on a £600 balance they estimate £9 interest if you do not pay in full.  Leave it for another month and there's another £10 and so on...

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3 minutes ago, gaijin said:

I know exactly how they can afford this because I had one of their special bonus (when using the card to buy petrol etc.) credit cards for a while: They cheat.

The card that I had was rolling credit but I always paid the full amount by the due day, except for a couple of times when I was a few days late. The interest for these few days would have come out to a few cent, but they always charged me several Euros. Each time I complained they just reimbursed the money, but it kept happening... Very strange IT "error". Probably most people will not look at their statements too closely and so they get away with it.

 

When I opened my account, I noticed that it included payment insurance if you owe them.  I asked the guy if this would be applied to my credit card "debt" if I pay up every month and he said no.  However, first statement, I found out that he was mistaken (or lied if you want to believe the worst).  It was not a credit card heavy month so only about 2€ but sometimes when I've been travelling for work and charging everything to my card, hotel etc. it can potentially be a lot more.  I asked him about it and told him if that is the way it is, I want to cancel the insurance.  He said it's not supposed to be and they would correct it this time but if I wanted to cancel the insurance, I was welcome to do that.  I cancelled it and have no funny charges on my card.  It's automatically taken out of my account so no late fees.

 

It is possible when they calculate interest and I remember this from another bank, another country many years ago that as soon as you go over the payment date, they don't just charge you interest for the couple of days you are late but rather for all the days since you made your purchase.

 

I also had a thing back when I was at Sparkasse years ago that they always kept charging me for statement even though I was fetching it online.  When I went to complain to them, they said oh, that's not supposed to happen.  Check if it happens again next month.  No refund or anything.  Didn't stay with them very long.

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I don't want anything to do with credit cards, does the free girokonto come with this or is it optional?

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9 minutes ago, bbogdanmircea said:

I don't want anything to do with credit cards, does the free girokonto come with this or is it optional?

 

Their page for the Best Giro says "Kostenlose Kreditkarte auf Wunsch" so that's definitely optional.

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Having a credit card and using it responsibly will help boost your credit rating.  Also, if it comes with a card you don't want, just stick in the cupboard or cut it into pieces.

 

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