Banks and Consumers

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BANKS AND CONSUMERS Ordinance comes into force. MILESTONES IN PRIVATE COMMERCIAL BANKS' RETAIL BUSINESS 1976 The private commercial banks’ deposit guarantee scheme protects the 1 9 7 6 1 9 5 9 1959 Private commercial banks are first to deposits of each and every client up to 30% of the liable capital of the bank. In practice, this means full protection for almost all offer standardised consumer loans (personal depositors. loans). 1 9 6 0 1960 Introduction of payroll accounts at private commercial banks. Before this, 1977 Introduction of the first self-service terminals by private commercial banks. Automated teller machines (ATMs) and 1 9 7 7 the usual practice was to pay wages in cash statement printers enable clients to withdraw (“wage packets”), even at banks. cash or check their account balances outside 1 9 6 6 1966 Establishment of a common deposit regular opening hours. insurance fund (“fire-fighting fund”) by the 1977 EUROCARD, already owned by Association of German Banks to protect private commercial banks, becomes the 1 9 6 8 private investors. 1968 Launch of the eurocheque system. Led by the private commercial banks, the German banking industry introduces a cheque credit card of the German banking industry. The credit card offers both convenience and a high degree of security. If a card is lost or stolen, the client’s liability is limited to no more than 100 Deutschmarks. If the customer 1 9 7 7 guarantee card. A standard pan-European reports the loss before misuse occurs, liability cheque encashment scheme evolves. Soon is suspended altogether. afterwards, the eurocheque card can be used to guarantee eurocheques. 1978 Introduction of interactive videotext 1 9 7 0 1970 The private commercial banks introduce overdraft facilities. They offer clients with regular incomes the flexible option of (BTX), which enables customers to do their banking from home. Users identify themselves to the computer-based BTX service by means of a personal identification number 1 9 7 8 overdrawing their accounts for a short period (PIN). Transactions are authorised using an without obtaining prior approval. individually assigned one-time transaction 1 9 7 1 1971 By displaying their fees and commissions in their branches, the password (TAN). 1984 The eurocheque organisation 1 9 8 4 private commercial banks increase market run by the banking industry introduces the transparency long before the Price Disclosure internationally machine-readable magnetic strip. This allows cash to be withdrawn from 32
BANKENVERBAND ATMs outside Germany. associations issue the recommendation 1 9 8 5 1985 Introduction of telephone banking. Customers can now contact their bank around “Current Account for Everyone” (Basic Account). Banks undertake to provide on request a current account on a credit-only basis to every the clock from anywhere in the world. The citizen, regardless of the nature or level of his 1 9 8 6 customer’s identity is verified by means of a password or via a voice recognition program. 1986 Introduction of internet banking. After initially using the internet merely as a platform for their own information services, or her income. 1996 The banking industry introduces a chip card with a prepaid electronic purse (GeldKarte or money card) for small payments. 1996 1997 banks soon begin to offer online banking. 1997 Cards with the Maestro logo can be Options range from securities orders to used at ATMs worldwide. 1 9 8 9 customised services and products offered via the internet. 1989 An industry-wide point of sale (POS) 2001 The private commercial banks endorse the “Code of Conduct on Precontractual Information for Home Loans” 2001 system is set up. This allows cashless payments drafted jointly by the European Credit Sector using a eurocheque card and bank card at Associations (ECSAs) and consumer groups. 1 9 9 2 electronic tills in retail stores (electronic cash). 1992 The private commercial banks are 2002 The eurocheque card’s guarantee function is discontinued due to the steadily 2002 the first to introduce an Ombudsman Scheme declining use of eurocheques. Retail customers to resolve disputes between retail clients and make increasing use of electronic cash to pay banks. for goods and services and prefer to make cash withdrawals from ATMs. 1992 1992 In addition to the electronic cash system used across Germany, the banking industry establishes a global POS system under the brand name “Maestro” for cashless 2002 Establishment of the European Payments Council (EPC), an initiative of the European banking industry dedicated to 2 0 0 2 payments at electronic tills in foreign retail implementing the Single Euro Payments Area 1 9 9 3 stores. 1993 The private commercial banks’ new (SEPA) on a self-regulatory basis. From 2008, pan-European direct debit and credit transfer schemes and a framework for card payments general terms and conditions of business are to be made available to customers. 1995 (AGB) come into effect. 1995 The leading German banking 33
Page 1: BANKS AND CONSUMERS The comprehensi
Page 5: Contents I Banks and consumers - a
Page 8 and 9: BANKS AND CONSUMERS I Banks and con
Page 11 and 12: BANKENVERBAND II What is consumer p
Page 13 and 14: BANKENVERBAND lasting business rela
Page 15 and 16: BANKENVERBAND THE ECONOMIC IMPORTAN
Page 17 and 18: BANKENVERBAND customers. Some clien
Page 19: BANKENVERBAND financial services ar
Page 22 and 23: BANKS AND CONSUMERS III Consumer po
Page 24 and 25: BANKS AND CONSUMERS CERTIFICATES Ce
Page 26 and 27: BANKS AND CONSUMERS which the recom
Page 28 and 29: BANKS AND CONSUMERS 3 Partners for
Page 30 and 31: BANKS AND CONSUMERS 4 Future develo
Page 34 and 35: BANKS AND CONSUMERS 2009 The Single
Page 37 and 38: BANKENVERBAND IV The private commer
Page 39 and 40: BANKENVERBAND PROMOTING ECONOMIC LI
Page 41 and 42: BANKENVERBAND Internet Teachers and
Page 43 and 44: BANKENVERBAND Conversely, some type
Page 45 and 46: BANKENVERBAND But information provi
Page 47 and 48: BANKENVERBAND If an order cannot be
Page 49 and 50: BANKENVERBAND EUROPEAN STANDARDISED
Page 51 and 52: BANKENVERBAND 3 Transparency in con
Page 53 and 54: BANKENVERBAND guarantees are now us
Page 55 and 56: BANKENVERBAND European Code of Cond
Page 57 and 58: BANKENVERBAND regardless of the ind
Page 59 and 60: BANKENVERBAND GBIC RECOMMENDATION O
Page 61 and 62: BANKENVERBAND standard practice in
Page 63 and 64: BANKENVERBAND THE CUSTOMER COMPLAIN
Page 65 and 66: BANKENVERBAND − At European level
Page 67: BANKENVERBAND DEPOSIT PROTECTION De
Page 70 and 71: BANKS AND CONSUMERS V Towards a sin
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Page 74 and 75: BANKS AND CONSUMERS − to protect
Page 76 and 77: BANKS AND CONSUMERS it that, after
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Page 81 and 82: VI Requirements for a forward-looki
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BANKENVERBAND There can be no blank
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BANKENVERBAND 2 Uniform basic princ
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BANKENVERBAND for consumers, withou
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BANKENVERBAND shaping the customer-
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BANKS AND CONSUMERS VII Annex Rules
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BANKS AND CONSUMERS (2) Formal prel
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BANKS AND CONSUMERS b) Ombudsman de
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© Bank-Verlag Medien GmbH 40.001 (
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40.001 (01/12) Cost of Bank Service
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BANKS AND CONSUMERS Useful internet
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BANKS AND CONSUMERS The “fokus:ve
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www.germanbanks.org Wie erreichen S
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