D.he Commerzbank is increasing the fees for safe deposit boxes at the turn of the year. The bank has confirmed corresponding reports from customers who have now received letters about it. The Commerzbank sees itself in the trend, other banks have raised their prices in the area: “We are adapting our locker fees nationwide to the changed market conditions and the increased costs,” said a spokeswoman.
Locker prices vary by size. The Commerzbank customer reports that he has been informed that his locker fee will be increased from EUR 189 to EUR 239 per year on January 1, 2021; So by 50 euros or a good 26 percent. The letter from Commerzbank to customers comes at a time when the bank has just reduced the limit for negative interest on deposits for new customers from 250,000 to 100,000 euros and is in some cases talking to existing customers. There are similar developments in many banks.
Strong demand for cash in March
For a long time, banks have reported strong demand for safe deposit boxes. The magazine “Finanztest” reported in April that a number of banks had increased the fees for safe deposit boxes compared to the last investigation in 2018. At the Berliner Sparkasse, for example, the folder-sized locker now costs EUR 40 more at EUR 119. Hamburger Sparkasse has increased the annual rent from 64 to 89 euros. Five banks that also rented lockers to non-customers now charged them a higher price. The Förde Sparkasse, for example, would take 220 euros a year instead of 110.
During the Corona crisis, there was strong demand for cash in Germany at the beginning of March, as the Bundesbank reported, and apparently for hoarding even after larger amounts. In particular, more and more notes for 100 and 200 euros were withdrawn. Many banks and savings banks point out that cash in their safe deposit boxes is not insured; Nevertheless, it can be assumed that cash is also often kept in lockers. In addition, at the beginning of the crisis, the Germans had bought physical gold to a greater extent than people in any other country in the world. Gold bars and coins are also likely to be in many lockers.