Germany: First Bank in Germany no longer Issues cash– will others follow?. Many banks are increasingly restricting the issuing of cash.
Is the cash running out? In view of the current developments on the market, this question is entirely justified. A first bank has now even completely stopped issuing cash in Germany.
More and more people are doing without cash and are instead paying with a card or with their smartphone via Apple Pay or Google Pay. As a result, many German financial institutions are seeing a decline in cash issuance – both at ATMs and at counters. A first bank has taken action and will soon no longer offer cash deposits and withdrawals. Could other banks follow suit?
The Raiffeisenbank Hochtaunus will no longer accept cash from December.
Customers of Raiffeisenbank Hochtaunus are currently being informed that, with the exception of the headquarters in Bad Homburg, the bank will be closing the four remaining branches in the region in December. The closure also eliminates the supply of cash. More precisely, the letter states that “deposits and withdrawals in the branch (counter and ATM) will no longer be possible in the future.” This also applies to the head office, where only advice will then be offered.
The so-called “Full Service Account” for 30 euros per month will also be scrapped in this context. Unlike the online-only account, this type of account has so far focused on on-site advice and service. However, since Raiffeisenbank Hochtaunus is now closing its branches, the services can no longer be offered. However, customers of the bank can convert their account into a free, purely online account.
Are other banks also restricting the issuing of cash?
Raiffeisenbank Hochtaunus’ decision to close branches and stop issuing cash seems radical. In view of the current developments on the financial market, however, it is entirely understandable. Brunner also emphasizes that the development has been indicated for a long time. “We are taking a step that many others, especially smaller gene banks, are also about to take.”
But other large German financial institutions have also closed branches in recent months, thereby restricting local service. Deutsche Bank, for example, announced that it intends to close 200 branches of its associated Postbank branches by the end of 2023.
Instead of 750, there will then only be 550 locations across Germany. Commerzbank is also restricting operations and has announced that 50 branches in Germany will be closed again. There are then 400 branches left.