Bank will change its fee structure from February 7, 2011. Important: this change only applies to customers who, as of 7 February 2011, either register as investors or conclude a new loan agreement as a borrower. For all other customers, the fee structure remains unchanged. In addition, this change only relates to fees that are directly related to a transaction – be it an investment or a credit agreement. As usual, there are no up-front fees without consideration. This means specifically:
For Bank investors with an application after 07.02.2011
There is a monthly fee of 0.50 euros for the servicing of their purchased credit claims. An additional 6 euros per investor per year. Reason for the introduction is a clearly increased expenditure for the monthly Servicing of the repayments of installments. Although the more than 85,000 monthly individual pool compensation transactions are now IT-supported, a high level of manual control and monitoring is required.
The servicing fee is charged as soon as an investor has made a first investment in Bank – but only as long as ongoing claims exist and are processed. The fee is independent of the number of current loan claims of an investor. Consequently, the fee is also not part of the contract-related return ratios, which are shown in the marketplace. The 0.50 Euro will be withheld by Bank in each case in the monthly payment of installment repayments. This regulation is shown in the GTC / price and service list.
For Bank borrowers with a borrowing after 07.02.2011, two things change:
Assessment of PostIdent:
Bank also bears the costs of other providers arising from the credit agreement. This includes the PostIdent procedure, which is the most common form of legally required identity verification prior to the payment of a loan agreement. For that fall from the German Post once 7.87 euros. These costs will be deducted from the 7th of February 2011 following the loan payment with the 1st installment of the loan. This rule will be reflected in the loan brokerage agreement. An identity check is only required once.
Optional use of an online account statement:
Borrowers apply for an online account statement when concluding a loan agreement. For this purpose, a bank statement fee of 4 euros per quarter is due. This is an additional 16 euros per borrower per year. This fee is independent of the number of loan agreements. If a borrower does not want this service, he can easily revoke the charge at any time and the fee is voided without replacement. This regulation is shown in the installment loan agreement.
It is clear to us that the majority of users would find the Bank Marketplace better without this fee change. Nevertheless, this measure is important against the backdrop of a steadily rising volume of credit and the associated costs – in 2010 we spent around EUR 22 million more than in the years 2007, 2008 and 2009 together. That’s the way Bank can provide you with the usual good offer in the future and constantly improve your product.