Banking in Germany

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Banking in Germany is a highly leveraged industry, as its average

GDP or 167% of its national debt.^[1]

History

From the 15th century, banking families such as

Berenberg family, and is the world's oldest or second oldest bank

, depending on the exact definition.

Market overview

Germany has

universal banking

. The private customer mostly has to choose between three kinds of banks (German "three pillar system"):

private banks (including direct banks): the largest ones are Deutsche Bank, Postbank (acquired by Deutsche Bank), Unicredit Bank AG (HypoVereinsbank), Commerzbank and Dresdner Bank (which was acquired by Commerzbank in 2008) – they cooperate together as the Cash Group
cooperative banks: see German Cooperative Financial Group
Sparkassen and Landesbanken, see Sparkassen-Finanzgruppe

Private banks are found mostly in the cities, whereas cooperative and savings banks are almost everywhere and are often exclusive^[clarification needed] in smaller villages.

Online payments are done mostly either with direct debit

(Lastschrift) or with a credit card.

Most banks offer a free main account (Girokonto) as long as the customer deposits a minimum amount regularly (over €1000 in income each month).

References

^ Norris, Floyd (10 October 2008). "The World's Banks Could Prove Too Big to Fail – or to Rescue". Nytimes.com. Retrieved 15 December 2017.

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v t e Banking in Europe
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Banking in Germany

History

Market overview

See also

References

Further reading