There are many different banks in my city. Where should I open my account?
Ask for: What accounts are there? How much do you have to
pay for the account and for a transfer? Do you have to pay money every month?
How many machines does the bank have in your city? What does the bank do with
your money? How fast can you transfer money abroad? The answers can help you
decide.
Can I withdraw money from all machines with my debit card?
You bring money to the machine from your bank? Then you do
not have to pay anything. At the machines of other banks you sometimes have to
pay something. Check with the banks or read the information at the machine.
Can I pay with the debit card in a shop?
In many shops you can pay with the debit card but not in
all. For this you usually need your PIN. Often you also have to sign on the
receipt.
Can I transfer money from my account abroad?
Yes. Usually, remittances abroad need a few days.
Information about transfers abroad can be readily obtained on the internet.
Additional information for asylum seekers
You want to transfer money home? Then ask for help with
migration counseling. If you have a bank account, you can transfer the money
abroad. Otherwise one can send the money over different institutes.
I want to buy a car, but I have no money. Can I get the money from my bank?
You can ask at the bank. Maybe you will get a loan. But you
have to pay a fee and interest on the loan. Ask at various banks.
I got a loan from a bank. But I cannot repay the money. What can I do?
First, get well advised. You can find more information about
counseling centers under the heading “find help”.
If you live and work in Germany, you need a bank account.
You can open your account at a bank or at a savings bank. Most banks and
savings banks have branches. Some banks can only be used over the Internet.
Mostly you have to pay some money for a account, a fee. For students, the
account is often free. There are several accounts: With a credit account, you
can only withdraw the money from the account that you have previously
deposited. With an account with disposition credit (Dispo) you can withdraw
also money, if you have no more money in the account. The bank lends you money
up to a certain amount. But you have to repay the bank not only this sum, but
also interest. The interest rates are often very high.
Account opening
You would like to open an account? You can do that in any
branch. However, the bank or Sparkasse must always first verify your identity.
So you need to show your ID or passport.
Many banks can also open an account online or by mail. For
this you can use the Postident procedure: you get papers from the bank or
Sparkasse. With the papers and your passport or passport you go to the post
office. There you can identify you. Sometimes you need your registration
certificate to open your account.
Transfers
For the rent and your salary you need a checking account.
Your employer pays the salary by bank transfer. And you usually have to pay the
rent for your apartment by bank transfer. For regular transfers, you can make a
standing order. For other transfers, you will receive a paper in the bank or savings
bank, the remittance slip. How much money would you like to transfer? And who
should get the money? You write the information on the transfer slip. Then you
submit the remittance slip to the bank / savings bank. You want to transfer
your money via internet? When opening the account, say that you want to do
online banking or home banking.
Since 2014, there are SEPA payments in 34 European countries
(as of July 2018) in order to transfer money (Euro) as simply as possible. The
IBAN replaces the account number and the BIC the bank code. For example, IBAN
and BIC can be found on your debit card.
Debit card and credit card
You will receive a debit card for your checking account. If
you wish, you can also get a credit card (for example: MasterCard, Visa).
Usually you have to pay for the credit card. The bank or Sparkasse usually
sends you the debit card and / or the credit card by mail. You have to sign the
card. A few days later you will receive a PIN for your card by post. The secret
number must be in your head.
With the debit card you can withdraw money at all ATMs. For
this you always need the PIN. You can pay by credit card in some shops and on
the internet. Cash can be deposited at the branch of your bank / savings bank.
If you have lost your debit or credit card or have been
stolen, you should have your cards blocked as soon as possible:
Emergency call: 116116
Interest
For the money in the account you receive
interest from the bank or the savings bank. For money in the checking account,
you will receive only little interest. If you want to save money, you can open
a savings account or a savings account. Then you get a bit more interest than a
check
Unfortunately, losses and profits are not automatically charged between different banks. A Business loss certificate solves the problem.
The year is coming to an end and for tax purposes a few
errands make sense. This includes, for example, obtaining a loss certificate.
If a bank has found a loss on the sale of shares and at the same time profits
from the sale of shares above the saver’s lump sum have been obtained from
another bank, the loss can be offset against the income from the income tax
return. Prerequisite for this is the loss certificate. However, this will only
be created until 15 December.
Within a bank, losses on investments or sales of shares are
offset against the corresponding interest or capital gains on shares, so that
not too much withholding tax is paid. But a settlement between different banks
is not. The excessively paid withholding tax can only be recovered in the
context of the tax return with the investment KAP.
Business Loss certificate for tax return
Unfortunately, banks do not automatically issue loss
certificates for deposits and investments and send them to their clients.
That’s why every investor has to take care of themselves if he or she runs
investments or deposits at several banks. Incidentally, this also applies to
married couples who have cash deposits at various banks and are jointly
assessed. The legal deadline for the loss certificate expires on 15 December of
each year. Thereafter, the loss certificate is no longer issued retroactively
and the offsetting is forfeited for the current year.
Incidentally, losses on the sale of shares can only be
offset against profits from the sale of shares and not with profits from other
investments, such as interest or dividends. The other investments can be netted
with each other. Therefore, losses on the certificate are reported separately,
ie a loss for stock sales and another for investments.
Business Loss carried forward by tax office
If the loss is higher than the investment income, the tax
office makes a separate loss determination of the remaining loss. This residual
loss can still be offset in the following year, provided that profits are again
generated and stated in the tax return. Therefore, it is worth obtaining a loss
certificate if the saver allowance was exhausted on yourself or the spouse and
a loss was recorded at another institution.
Banknotes under the Christmas tree? Here are the ghosts.
Some consider gifts of money as impersonal and unimaginative, others as
particularly useful and practical. An Emnid survey commissioned by Postbank
shows that 57 percent of Germans like to give away money on festive occasions,
42 percent reject it. Regionally, there are clear differences: In the north of
the republic, money donations are more open than in the south. While 69 percent
of respondents from Schleswig-Holstein, Hamburg, Bremen and Lower Saxony like
to make their loved ones happy with money, only 49 percent of respondents from
Bavaria and 51 percent from Baden-Wuerttemberg give away money. Interesting –
because Southern Germany, as far as indicators such as income, unemployment and
indebtedness are concerned, is considered the richer region of Germany.
Popular cash
According to the Postbank survey, only 31 percent of Germans
find money at Christmas unreasonable, and for 66 percent, it is acceptable.
Above all, the young respondents are happy about cash – only just under 21
percent of them think an envelope under the Christmas tree is out of place, 78
percent like to hold their hands. Iris Laduch-Reichelt of Postbank explains:
“Just as much as we like to pay with coins and banknotes in this country,
we give away money – usually in cash, of course.” The popularity of money
gifts is also a reason for keeping a lot of cash in some households will.
According to Postbank survey from last year, 17 percent of respondents have
sums of 300 to 1,000 euros at home, seven percent even more than 1,000 euros –
of which just under two percent proud 10,000 euros and more. “The
persistently low interest rates currently create little incentive to deposit
the gifts on the bank account. And most savers are still shying away from
buying securities, “says Iris Laduch-Reichelt.
What will change for consumers in 2019?
More mother’s pension and minimum wage, plus in Hartz IV and
child benefit, supplement for pensioners and separation children: the bottom
line brings the year 2019 for almost all more money. And the Minister of
Finance wants to spare all taxpayers, because the so-called cold progression is
weakened. In addition, the basic allowance and child allowances are increased.
The reduction of the unemployment insurance contribution to 2.5 per cent
promises more net benefits. In addition, employers and employees will again
share the additional contribution in health insurance from January onwards.
However, the long-term care contribution increases by 0.5 percentage points.
The i-TAN lists for online banking are about to expire in 2019. And the new
packaging law brings pledge for more drinks.
Employees who want to save their own money on the way of
salary conversion for the later occupational pension, benefit from new
employer’s contribution obligation on conclusion of contracts from 1 January.
Anyone applying for a reduced earning capacity pension from the turn of the
year will be able to score points with higher mark-up periods for more pension:
In the future, the calculation will fictitiously assume that 65 years and 8
calendar months have been worked.
People in need of care and their relatives can rely on a
range of prescriptions in 2019 to improve care and care. For taxi trips to the
doctor in many cases there will be an automatic authorization by the health
insurance in future. For spa stays of caregivers, the patient can be cared for
there. And the new bridge part time makes it easier to reduce working hours for
a limited period of time and then return to the original number of hours. 2019
is flashed for environmentally friendly mobility: donated the employer a free
or discounted ticket for buses and trains, the cost savings no longer have to
be taxed. If employees use a new electric or hybrid company car privately, the
tax authorities are satisfied with the taxation of half the monetary benefit.
Also in the private use of the service bicycle or e-bike wants the tax office
no longer participate.
Clear text is in the future when insurance policies
announced: For this purpose in household effects, liability or disability
policies is clearly signaled by check mark or a red “X”, where the
most important information about the contract are. Presumably in mid-May, the
EU missed phone calls from landline or mobile phone to other EU countries a
cover: A minute may then cost a maximum of 19 cents. For a text message a
maximum of 6 cents per text message may be charged. With the issue of more
counterfeit 100- and 200-euro notes, the European Central Bank wants to
complicate the end of May 2019 crooks the craft.
Even for mini-jobbers, the new minimum wage of 9.19 per hour
applies. However, because the earning limit for low-paid jobs is still 450
euros, you have to calculate with a sharp pencil how many hours of work there
are left (48 hours x 9.19 euros = 441.12 euros). In addition, the period for short-term
employment is reduced to 50 working days or two months (previously: 70 working
days or three months) per calendar year. Above all, this must be kept in mind
by holiday jobbers and seasonal workers.
Fraudsters try to access data via e-mail through iTAN
phishing and it is important that the public learn how to securely handle PINs
Three tips on how customers can protect themselves against fraud
Those who want to convert their iTAN online banking process
to a newer TAN process should be alert: Scammers are trying to use the
abolition of the paper-based TAN list for their own purposes. By September 14,
2019, bank customers will need to upgrade to a more modern TAN process with
two-factor authentication.
Scammers take advantage of this and, like their own bank,
contact the customer via e-mail. The e-mail then contains a link to a fake
website that may be deceptively similar to the bank’s online banking presence.
If the customer follows the link and logs in, the fraudster initially fishes
his access data. In another e-mail or online banking on the fake website, the
customer is now prompted to enter the iTAN, with which he should unlock the
supposedly new TAN app. The scammer also fishes these and then uses them to
gain access to the real TAN app, which he has installed on his own device. Now
he can make unnoticed transfers on behalf of the customer.
The entire process of fetching credentials and iTAN may take
no more than a few minutes. The counterfeit e-mails now show a high degree of
perfection. In the past, such messages were often already recognized by the
lack of spelling. This is now often no longer the case. In addition, the
criminals personalize the emails more often, so bank customers are addressed
with their real name. This makes it harder to expose the fraud attempt at first
glance.
However, with these three tips, customers can minimize the
risk of becoming victims of these criminal activities:
Tip 1
Who contacts you? Is this really your own bank? Information on whether it is a fake e-mail can be found, for example, in the sender of the e-mail.
Tip 2
Enter the online banking address of your own bank yourself in the bar of the browser. Under no circumstances should the link used in the e-mail be clicked! Whether it is really the encrypted side of your bank when you log in, you also recognize that a lock symbol appears in the browser bar and the address starts with “https …”.
Tip 3
Check the e-mail for any other abnormalities, such as spelling mistakes! When in doubt, customers should call their bank to inquire.
Suspicious emails should always be reported to your own bank
so they can act against it and protect other bank customers from becoming
victims of criminals.
Safe handling of the PIN
Most consumers have multiple PINs, passwords and other
personal access data. Keeping track of the password jungle is not always easy.
Since it may happen that when you pay or at the ATM, the four digits of the PIN
for the girocard not come. What to do, so that does not happen?
To write down the PIN on a piece of paper in your purse or
even on the card itself would be grossly negligent. Banks or savings banks
could then refuse liability in the event of abusive decisions using the card
and PIN. So you better stick to the tips of EURO Kartensysteme for your PIN
security:
Memorize your PIN. These are pictorial stories
that will stay in your memory. For example, for the secret number 1311: One (1)
Cinderella discovers three (3) hazelnuts, dances on one (1) ball and finds one
(1) prince.
Do not reveal your PIN to any third party – not
even family members or anyone else you trust.
Make sure nobody is watching you enter your PIN.
Cover the keyboard at the ATM or at the electronic cash register best with the
free hand.
Do not be distracted by strangers when entering
your PIN.
European Central Bank (ECB) negative interest rates
More and more banks and savings banks pass on the negative
interest rates of the European Central Bank (ECB) to private or business
customers. This is shown by an investigation of more than 1,200 banks and
savings banks by the consumer portal biallo.de. At present, 35 financial
institutions are demanding a so-called custody fee from wealthy private
customers, in part already for deposits of 100,000 euros or more on the giro or
overnight money account.
Exemptions
14 of the 35 banks and savings banks have already adjusted
their custody fee to the tightened ECB deposit rate of minus 0.5 percent –
including large institutions such as Berliner Sparkasse, Berliner Volksbank or
Sparkasse Hannover. In addition, the allowances, which are exempted from the
penalty interest, were significantly reduced in some cases. Other major
financial institutions, such as Hamburger or Nassauische Sparkasse, are leaving
their custody fees at minus 0.4 percent for the time being. The allowances are
still at 500,000 euros.
Penalties
For business customers and institutional customers,
biallo.de now has 127 banks that record high deposits with punitive interest
rates. As some of them also collect a custody fee from private customers, the
total number of banks and savings banks is 131, which charge negative interest
rates. The number could rise in the coming weeks. Because many institutions are
considering the introduction of penalty interest if the ECB further tightened
its deposit rate.
However, Horst Biallo, founder and managing director of
biallo.de, does not expect a widespread introduction of negative interest rates
for small savers: “The risk that customers would migrate, would be too
large.” The expert instead assumes that the financial institutions
continue to increase the fees around the current account. “According to
our latest research, almost every third bank has turned the price screw this
year,” says Biallo.
MoneyTalk6 