NewsWithdraw cash before the end? Savings banks present their...

Withdraw cash before the end? Savings banks present their own plans

Created: 07/25/2022, 10:28 am

Digital payment methods are playing an increasing role. But what does that mean for the perspective of cash at counters? The savings banks express themselves.

Berlin/Frankfurt – Cash is still in demand among many Germans, but cashless payments also became increasingly popular during the corona pandemic.

Increasing digitization can be observed at savings banks in general – also when it comes to withdrawing cash: Cash can now be withdrawn from some savings bank ATMs using a mobile phone instead of an EC card. But with the increasing use of digital payment methods, the general questions arise: Is cash on the verge of extinction? Will there soon be no more money at the counter? The savings banks have now commented on this question, as reported by kreiszeitung.de.

Cash before the end? Savings banks are sticking to payments – Deutsche Bank does not in the future

Deutsche Bank recently let it be known that it no longer wants to issue cash in many branches in the long term. In the future, according to the bank, this will only be available in a few large centers – and of course at ATMs. But very fundamentally: is cash on the verge of extinction? Many customers of the savings banks in Germany are currently asking themselves the same question. In order to answer this question, the Handelsblatt asked the savings banks directly. The information they received should calm opponents of digital payment methods. First of all: it’s about payouts at the counter – ATMs are not available anyway.

Sparkasse
Money is withdrawn less and less at the Sparkasse counters, but when it is, the amounts are often larger. (symbol photo) © Julian Stratenschulte / dpa

The feedback came from the savings banks in Cologne and Hamburg, among others. According to the Handelsblatt , Cologne said: “In all 116 branches, customers have the option of withdrawing money from the cash register.” In Hamburg, too, the offer is not to be restricted. It seems that customers in Lower Saxony can also be reassured: It is unlikely that the bank branches in the state of Prime Minister Stephan Weil (SPD) will take a completely opposite course.

Cash before the end? In savings banks at the counter, withdrawals are becoming increasingly rare

At the savings banks, cash is obviously by no means on the verge of extinction, not at the counter and certainly not at the ATM. Nevertheless, a trend is emerging: the traditional bank counter is used less and less to withdraw cash. Many of you should know it similarly from your own experience: The fastest way is the ATM.

The German Savings Banks and Giro Association (DSGV) also explained in the Handelsblatt that larger amounts of money or special cash, for example from other countries, are withdrawn at counters. The association: “It is used in particular when types or larger amounts of money are required.” Savings bank customers still have to be prepared for changes: there are future changes to the EC card.

Cash before the end – but only temporarily: savings banks and Co. affected by strikes

So cash is not the end of the world. At the beginning of the week it was different – but only for a short time. The reason: From Monday, July 4th, 2022, workers in the money and security sector went on strike for a few days. There was a risk of bottlenecks at ATMs operated by savings banks and the like. The strike was scheduled to last until Wednesday. The union ver.di expects restrictions until the weekend.

In short: the cash out threatened at most at the beginning of the week at some ATMs and other places – at short notice. In the future, savings bank customers will also be able to continue to withdraw cash from ATMs and over the counter – even if they tend to do the latter in exceptional cases anyway. (Alexander Eser-Ruperti)

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