Multiple customers impacted: Postbank initiates account closures starting October
In the ever-changing world of banking, it's essential to stay informed about changes in account terms and conditions. However, Postbank customers receiving social grant payments through their existing accounts need not worry, as the bank has clarified that there will be no immediate impact due to the expiration of the contract with SASSA (the social grant agency) on 30 September 2025.
Postbank has confirmed that social grant payments will continue securely and on time through existing accounts, without any disruption or required action from the customers. The bank is currently in ongoing discussions with SASSA, and the contract's periodic review nature has been emphasized. Postbank also assured customers of strong account security and protection against unauthorized deductions.
Despite reports, there are no published new terms and conditions requiring customers to switch or open new accounts. Customers should disregard any external calls suggesting the need for new accounts, as the existing terms remain valid.
However, some changes are coming for Postbank customers. For instance, the "Giro direkt" model will be discontinued starting October. Account statements will only be available digitally in the new models, and direct debits involving other banks may cease from January 2026, necessitating alternative payment methods.
Meanwhile, another large bank is closing down ATMs en masse, which could be a burden for older people and those without internet access. Cash deposits and withdrawals at the counter will cost 2.00 € each in the new models. It's worth noting that, on average, customers in the country pay an average of almost 120 euros per year for checking accounts.
To help citizens avoid high costs, price comparison tools like BaFin or Stiftung Warentest Finanzen can be beneficial. The new entry-level model offered by Postbank is "Giro pur" for 5.90 € per month, but it comes with certain conditions. It allows up to 900 € in monthly incoming payments, but only digitally, and mandatory data evaluation for advertising purposes is required.
In conclusion, Postbank customers affected by the discontinuation of certain accounts starting October 2025 do not need to open new accounts or change their payment methods. Existing accounts and cards (Black Cards, Gold Cards) remain fully operational for social grant payments. Postbank maintains account security and timely payments. Some changes are coming, but customers should stay informed and consider price comparison tools to make informed decisions about their banking needs.
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