DKB Bank (Deutsche Kredit-Bank)

400 posts in this topic

7 hours ago, mkraft said:

Or, one other possibility: are ATM withdrawal fees waived if a particular minimum account balance is maintained? 

No, they´re only waived if you have at least € 700/month incoming. However, they only are due outside the Eurozone anyway.

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7 hours ago, mkraft said:

Is that what the "€ 700 per month" transfers were about -- i.e., only a requirement to not get charged for ATM cash withdrawals,

Mainly. There are some other thrills that come with it like cashback when you shop at certain (online-)stores or emergency help abroad if you lose your card. Also a whopping 0,2% interest on credit in your cc account.

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On 1/3/2018, 4:35:06, jeba said:

No, they´re only waived if you have at least € 700/month incoming. However, they only are due outside the Eurozone anyway.

 

I'd been under the impression that the monthly incoming € 700 was required to avoid a monthly account maintenance fee, not just to prevent being charged for ATM withdrawals outside the Eurozone. Thanks for clearing that up.

 

I wonder why DKB prefers to impose a monthly 'incoming funds' minimum instead of a 'minimum average monthly balance' (or something similar). Is there anything that would keep a customer from withdrawing the € 700 the day after it hits DKB every month?

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5 hours ago, mkraft said:

Is there anything that would keep a customer from withdrawing the € 700 the day after it hits DKB every month?

No.

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6 hours ago, mkraft said:

I wonder why DKB prefers to impose a monthly 'incoming funds' minimum instead of a 'minimum average monthly balance' (or something similar). 

 

Because that would be bad for business.    Bank's make a big profit from customers going into negative balance and having to pay their (still legal) usury rates for their "Dispo".   So by having a mandatory minimum positive balance they wouldn't allow the customers going into negative.

 

Some banks actually love those low income customers who are always in the negative by 1 month salary, so every month they go back to around zero balance when they receive their wages.    These are customers that are permanently paying those high interest rates.    

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6 hours ago, mkraft said:

I wonder why DKB prefers to impose a monthly 'incoming funds' minimum instead of a 'minimum average monthly balance' (or something similar). Is there anything that would keep a customer from withdrawing the € 700 the day after it hits DKB every month?

 

Its simply to ensure that you use it as your main account.  Almost everyone earns over 700 per month so as long as you get your salary paid there you are good.  And thats the point, they want you to actually use the account.  You could of course take a bunch of cash dump it into the account for a day and then take it out.  But thats not how people actually act in reality, the small number of people doing so are unlikely to be a problem.  Much more common will be the poeple who get 700 in their account on the 1st of the month (their salary) and it dissapears on th 2nd to pay their rent, and those people will rapidly become dependant upon DKB because their direct debits etc will all end up on that account, and before you know it all their banking is done through DKB. 

 

Having money in the account does of course make the bank money (fractional reserve blah blah...) but the big money tends to be in savings accounts rather than current accounts and whilst I dont know about DKB most banks will actually try to stop you keeping money in you current account and shift it to one of their savings accounts.

 

17 minutes ago, Krieg said:

 

So by having a mandatory minimum positive balance they wouldn't allow the customers going into negative.

 

Not really, what you are talking about is having excessive fees for going below a mandated level.  Typically this level is zero, but in principle the limit could be 700 in credit.  The point is more about stopping you from dumping a couple of hundred euros in an account and forgetting about it, so DKB still have whatever costs of maintaining your account whilst not making any profit from sitting on your (tiny) nest egg.  

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11 hours ago, Krieg said:

Because that would be bad for business.    Bank's make a big profit from customers going into negative balance and having to pay their (still legal) usury rates for their "Dispo".   So by having a mandatory minimum positive balance they wouldn't allow the customers going into negative.

 

Thanks. I get your point, but the 'mandatory minimum' (as I was referring to it) wouldn't be a cross-the-boards account requirement, which is what I think your reply addresses. It would only be an alternative requirement (to the €700) to avoid a service charge for ATM withdrawals.

 

As I see it, a customer who's careful enough to arrange incoming monthly deposits of €700 or more to avoid such charges is no more or less likely to be careful about maintaining a minimum balance for that purpose instead. And a customer who's careless about the monthly incoming deposits is just as likely to be careless about the minimum balance, were DKB to use the latter as the requirement to avoid the ATM fees instead of the incoming €700.

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11 hours ago, zwiebelfisch said:

You could of course take a bunch of cash dump it into the account for a day and then take it out.  But thats not how people actually act in reality, the small number of people doing so are unlikely to be a problem. 

. . . . .

The point is more about stopping you from dumping a couple of hundred euros in an account and forgetting about it, so DKB still have whatever costs of maintaining your account whilst not making any profit from sitting on your (tiny) nest egg.  

 

Thanks. I agree that a normal person won't proactively pull the money out the day after it's been deposited. What a person might do, however, given the advantages of automation, is set up the €700 to automatically draft out to another financial account that is in some way a more beneficial place for them to park their money.

 

Do banks 'sit on' idling account funds? My impression has been that they loan the money out at high rates of interest. True, they would rather have you actively using your account in ways that also generates fees for them, but it seems to me they still benefit from the funds in your account, even if the account is inactive (unless, of course, the account balance is always low).

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11 hours ago, zwiebelfisch said:

The point is more about stopping you from dumping a couple of hundred euros in an account and forgetting about it, so DKB still have whatever costs of maintaining your account whilst not making any profit from sitting on your (tiny) nest egg.  

 

Do not forget that DKB is an online bank, so costs of maintaining an account are significantly lower than brick and mortar banks. At the moment it is still free for passive customers, and ATM withdrawals within Eurozone are also free.  Also, they no longer pay interest on those 200 euros, basically this is the price you pay now for it.

 

 

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2 minutes ago, mkraft said:

Do banks 'sit on' idling account funds? My impression has been that they loan the money out at high rates of interest. \

 

Banks loan money that they don't have.

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10 hours ago, Krieg said:

 

Banks loan money that they don't have.

Yes, but the amount of money they´re allowed to loan without having it depends on the amount of customer deposits. That´s why they have an interest in you having your money deposited with them rather than their competitors (or under your pillow).

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Hey folks,

 

I've been a DKB Customer for a long time now but don't have any of their flashy new cards - the contactless payment ones.

 

I've tried looking in the settings to "upgrade" but can't see the option unfortunately. Do I just have to pretend it's damaged or something and order a new one? Would that guarantee I get one of their newer cards?

 

Don't really fancy waiting until 2021 to automatically get a new one.

 

Any help appreciated, thanks! :)

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Quick question before I go to all the work of opening an account, do they offer joint accounts? N26 doesn't offer joint accounts (like WTF)

 

On 1/31/2019, 2:29:53, Simmie said:

Hey folks,

 

I've been a DKB Customer for a long time now but don't have any of their flashy new cards - the contactless payment ones.

 

I've tried looking in the settings to "upgrade" but can't see the option unfortunately. Do I just have to pretend it's damaged or something and order a new one? Would that guarantee I get one of their newer cards?

 

Don't really fancy waiting until 2021 to automatically get a new one.

 

Any help appreciated, thanks! :)

you could "lose" the card but you'd have to pay a fee and your old card will be blocked so you'll be without one for a few days till you activate the new one.

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20 minutes ago, Rushrush said:

Quick question before I go to all the work of opening an account, do they offer joint accounts? N26 doesn't offer joint accounts (like WTF)

 

I and the wife have one account.   Each of us have a Visa card.  Each of us have an e-Banking user.

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7 hours ago, Krieg said:

 

I and the wife have one account.   Each of us have a Visa card.  Each of us have an e-Banking user.

Thanks that’s what I needed, very strange that N26 doesn’t offer joint account

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If i open an account at DKB, can they take over all my payment orders at my current bank, like electricity bill, monthly rent, etc. without me having to spend an extra effort?

 

Is it true that they send a letter to all the institutions, which i have a contract with, and deal with this process?

 

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On 9.3.2020, 16:52:48, lisa13 said:

In theory, yes.

 

Unfortunately in reality, no. <_<

 

I used the service, and it couldn't find any of my direct debit mandates. I managed to change the bank information through the online portals for a few of them (like electricity), but this option doesn't exist for many, and i found myself in a position, where i have to send many many posts, which is a big burden, and very irritating.

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