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Frankfurt / Main (dpa) - The Comdirect is abolishing the free current account without any conditions.
A few days after Commerzbank boss Manfred Knof, who has been in office since January, announced a new pricing model at the online bank, Comdirect, which belongs to Commerzbank, made its new conditions public.
According to this, a current account with the Comdirect is only free of charge six months after opening if one of the three following conditions is met: Monthly cash receipt of 700 euros, three payments via Apple Pay or Google Pay or at least one securities transaction.
Otherwise the bank charges a monthly account management fee of EUR 4.90.
The account is free for students, interns and apprentices under the age of 28.
For existing Comdirect customers, the new conditions apply from May 1, 2021.
Knof has prescribed a tough austerity course for the Commerzbank Group.
The bottom line is that 7,500 full-time positions will be cut, and the branch network in Germany will be almost halved to 450 locations.
Knof, who had already earned the reputation of a restructuring company as head of the German insurance company Allianz, had also announced on Thursday that customers would have to be prepared for account and deposit fees.
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The Comdirect is following the trend in the industry: The direct bank ING already abolished the free current account without preconditions last year.
Since May ING Germany has been charging 4.90 euros per month from customers who only use an ING current account for cash parking.
The current account is only free there if 700 euros are received per month or the account holder is under 28.
Consorsbank is also turning the fee screw: From March 27th, a newly opened checking account, which is part of the major French bank BNP, is only free if at least 700 euros are received per month or if the account holder is under 28 years old.
Otherwise 4 euros per month are due.
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