If a consumer wants to open a new checking account, he should be able to front the costs of different business models to compare. However, in the construction of the designated free and impartial comparison website it falls short more than two months after the entry into force of the regulations. “Ultimately, it is a violation of legal requirements. The Federal government does not meet their order,“ criticized the head of the financial market team of the consumer center Federal Association (vzbv), Dorothea Mohn.
The Problem is that there is no point, the provider verifies and certified. According to the Federal Ministry of Finance, by a testing organisation is currently running the necessary procedures of the German accreditation body. The status of the proceedings or when it will be completed, have no further information. Poppy calls on the Federal government, “to explain when the free and impartial Website. It is not acceptable that there are still many months in the country.“
The rules for the implementation of a corresponding EU Directive on 31. October 2018 entered into force. “The Directive would have allowed a public-sector comparison page. The Bundestag favoured a private variant,“ said poppy. “If that doesn’t work, must still be found a public solution.”
banks have to report
credit institutions must inform customers since the end of October 2018 in addition, once in the year, the total cost of your current account. This also includes the interest for the overdraft facilities, or possible charges for credit Transfers in paper form. Previously, consumers had to search the information, usually tedious on the account statement.
From the point of view of consumer associations is the annual Information to be an important improvement, in order to keep track of the cost and, if required, change the account.