Access to financial services
Pursuant to the Payment Accounts Act, Frankfurter Sparkasse offers the S-PrivatKonto Basis current account that is based on a credit balance. Frankfurter Sparkasse introduced the statutory basic account in time for the 2016 deadline. Currently, Frankfurter Sparkasse operates more than1,000 basic accounts in two different configurations, including for 1822direkt. Furthermore, the Sparkasse offers its customers the possibility to convert their current account into a “arrestment order-protected account” (an account that cannot be frozen) free of charge, called a P-Account. The P-Account ensures that, during an on-going debt collection order, an amount of money can be retained on the account to ensure a minimum subsistence level.
Since the end of 2016, the internet branch (IF6) has been fully accessible. All physical branches of Frankfurter Sparkasse have at least one automated teller machine with a headphone connection. This ensures that blind and partially-sighted people have the opportunity to withdraw money at all locations in an accessible environment.
Frankfurter Sparkasse supports a variety of projects and initiatives that promote financial literacy for consumer households as well as entrepreneurship and starting a business. For example, the bank supports ConCap Connective Capital, a joint initiative of the Frankfurt School of Finance & Management and Bürgschaftsbank Hessen. It provides business start-ups and young entrepreneurs with an 80-percent guarantee in order to facilitate their access to loans of up to 50,000 euros.
Customers with difficulties meeting repayments
With the implementation of the Mortgage Credit Directive (WohnImmoRL) in March 2016, the German Federal Government introduced an obligation on credit institutions to provide information and advice to customers. A credit institution must provide information in case at least 50 percent of a credit line granted on an overdraft facility has been drawn upon for an average of more than three months. When the account statement is sent, the bank offers the customer the possibility of receiving advice and, if they are interested, requests that s/he contact their relevant customer adviser. If preventative measures are unsuccessful, the bank sends out a reminder (i.e. prior to a final termination notice) in which the option of advice is reiterated.
Customers of Landesbausparkasse (LBS) Hessen-Thüringen in financial difficulty generally have the option of agreeing a deferred payment plan. In addition, LBS attempts to find alternative solutions by contacting the customer at an early stage.