There is a dubious practice at financial institutions: customer accounts are increasingly being terminated. A Tyrolean was recently fired from Bawag/PSK. Not an isolated case, as the AK Tirol confirms.
Mrs. M. (full name known to the editors) is a faithful soul. The Tyrolean has been a customer of Bawag (nowadays Bawag/PSK) for decades – or rather, she was. The bank recently closed its checking account. “Unfortunately, we can no longer offer you the payment account product”, is the concise explanation.
It is possible to switch to another and of course more expensive account. But Mrs. M. doesn’t want to anymore. “We small savers are, of course, just a burden for the banks. We do most of the work ourselves at the ATM or at internet banking,” says the Tyrolean. She doesn’t know where to go with her money now. You know that any alternative will be more expensive.
More and more questions and complaints at the AK
Many savers are currently in the same situation as Mrs. M. The banks are messing around. And apparently thorough. “Recently, questions and complaints about account terminations have been piling up. It doesn’t just affect the Bawag group. However, this is currently very active,” confirms Andreas Oberlechner, head of the consumer policy department of the Tyrolean Chamber of Labour.
The procedure is regulated by law. Banks can throw customers out with due observance of a notice period of usually two months. “In any case, this practice is morally worth questioning,” Oberlechner addresses a category that all too often does not appear in business.
Cancellations despite very high profit
The land consolidation is taking place despite significant profits. In the case of Bawag, these rose by half in the first quarter to EUR 111 million. “At the same time, the opening hours of the counters are limited and the advice is being shortened,” Oberlechner counters. The branch network was also thinned out.
Not only checking accounts are closed
According to AK Tirol, not only checking accounts but also savings accounts are closed at Bawag. The bank left unanswered a question from the “Krone” about how many Tyroleans were affected. The only reason why it is stated “We have decided to discontinue some account models.” It is emphasized that “across the industry” a lot is changing. Much to the chagrin of many customers.
Oberlechner advises consumers to compare banking products carefully and refers to the AK bank calculator set up for this purpose (bankenrechner.at).
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
