Banking in Germany
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Banking in Germany
Banking in Germany is a highly leveraged industry, as its average leverage ratio (assets divided by net worth) as of 11 October 2008 is 52 to 1 (while, in comparison, that of France is 28 to 1 and United Kingdom is 24 to 1); its short-term liabilities are equal to 60% of the German GDP or 167% of its national debt.[1]
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Contents
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Market overview
Germany has universal banking.
The private customer mostly has to choose between two kind of banks: (A) private banks, and (B) cooperative banks and public banks. (A) are found in all cities. Postbank, Deutsche Bank, HypoVereinsbank, Commerzbank and Dresdner Bank were acquired by Commerzbank) - regrouped as Cash Group (B) - are found almost everywhere, and are exclusive in smaller villages. Principal banks include: Sparkasse and Volksbank.
ATM (Geldautomat) are on nearly every corner. However, customers mostly have to use their bank's ATM with their debit card if they don't want to pay a fee. Cash Group offers free ATM through the group. Using a credit card (Visa/Mastercard/Amex) from a German bank in any German ATM generates a fee of about 3%. Most people prefer to use their EC/Maestro debit card. Many physical payments are still made in cash, but increasingly, Germans are using their EC/Maestro. Online payments are done mostly either with direct debit (Lastschrift) or with credit card.
Most of the banks offer a free main account (Girokonto) as long as the customer deposits a minimum amount regularly (> 1000€ income each month). Online banks such as ING Diba or comdirect offer cheaper service and free credit cards.
Banking law
Main article: German banking law
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See also
Notes
References
- J Cable, ‘Capital Market Information and Industrial Performance: The Role of West German Banks’ (1985) 95 Economic Journal 118
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