Banks in Rhein-Main: be careful, dispo trap!

Tempting but dangerous: simply overdraw the account to pay a bill. This could get expensive.
Image: dpa

Those who overdraw their account often pay high interest. A study shows which banks in the region charge particularly high overdraft rates. There are alternatives for consumers.

A.ect now, when the tide is low, the car gives up its ghost. It is essential for the way to work that the repair cannot be postponed. The fun should cost 2500 euros. There is probably nothing left but to overdraw the account. In this case, one speaks of an overdraft facility. It allows you to overdraw the account up to an agreed amount without having to apply for a loan. Three months’ salary is usual. Sounds tempting, but the temptation should be resisted, at least the overdraft is not a permanent solution. Banks often charge high interest rates for this, and that can end up being expensive, especially since you are responsible for paying back the money.

According to a recent study by the “Bürgerbewegung Finanzwende” association, the average overdraft interest that banks and savings banks charge private customers is around ten percent. The interest rate is even higher for almost every second account model. For customers who already have a financial bottleneck, this can be the first step in a dangerous cycle. Anyone who overdraws 2500 euros, as in the fictitious example mentioned, and pays 10 percent overdraft interest for this, must pay an additional 250 euros to the bank per year.

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