Banks were already turning the price screw before Corona

Some banks have even before the outbreak Corona crisis sometimes strong
the Price screw turned, criticized the Chamber of Labor on Monday and
called for a temporary consumer-friendly Coronazine set for
To overdraw an account. According to the credit broker Infina Home loans in the first
Quarter 2020, largely before the lockdown, became more expensive, now threatening
a three-tier credit market.

Between November 2018 and November 2019, five out of twelve banks
The AK bank monitor showed that fees had increased. Between four (easybank, Hypo
Lower Austria) and 18 (Bank Austria) They had prices and fees
raised or new fees introduced.

The AK has the prices of 53 services for new customers (transfer,
Savings, credit, securities) under the microscope. On average
ten expenses were raised by 3.7 percent, the chamber reported in one
Broadcast. “In particular, the price increases fell Bank Austria With
18 increases to (on average by 1.96 percent) as well as the bank direct
twelve increases (by 1.13 percent). The bankdirekt cut two prices of the
Securities business by around 40 percent. “

According to AK, BAWAG raised seven fees, on average by 12.29 percent. Your
Online subsidiary easybank has twice the prices by a full 120.24 percent
increased and two new fees introduced. At Hypo Lower Austria
According to the AK survey, four fees are 5.43 percent more expensive.

According to the AK, there are price outliers above all at the counter and
in payments. BAWAG, for example, has the fee for one
Cash payment at the counter to an external account from 6.40 to 9.90 euros
elevated.

According to AK, the overdrafting of the checking account is expensive – although that for
Financial contracts relevant Euribor interest rate is negative. “A
Overdrafting costs an average of 10.5 percent and one
Exceeding the frame, which may be necessary more often in corona times
there is another interest premium, “says AK expert Gabriele
Zgubic. The AK demands that the banks should have one
Introduce a corona overdraft interest rate of up to five percent for one year
and do not charge any excess interest (currently around four percent).

Consumers whose bank the
Account frame had surprisingly been shortened or completely canceled. The
should the money houses not do at least for one year, the AK urges.

According to the home loan broker Infina, the first quarter of 2020
Real estate loans at least relatively expensive, like a sample of
resulted in twelve major and regional banks. Loans with variable interest rates
have also become absolutely more expensive. Long term
Fixed interest rates (ten to 20 years) would still have absolute numbers
slightly cheaper, but banks only have one on average
small portion of the discount on swap rates passed on to new customers.

The domestic credit market is now completely non-transparent, that
The framework conditions of the banks are constantly changing, according to Infina. Because now
the banks of the Corona crisis are affected – weaker
Credit rating, increasing liquidity and risk costs at
Refinancing – if interest rates for new customers should rise, the expects
Broker according to a press release. It could be one
Develop three-tier home loan market. For customers with top credit ratings,
high income and a lot of own funds are allowed
Real estate loans stay the same at best. Medium credit ratings threaten
an average increase in interest rates of 0.5 to 1.0 percent p.
a., just sufficient credit ratings would have to be with even higher premiums
count. All of this could give the building societies a chance for a comeback
bring, Infina believes. “Above all with medium and sufficient credit ratings
corresponding own funds could still be relatively cheap
Encounter conditions. “

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