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Home»Business»Customers of Deutsche Bank units lodge surge in complaints, consumer group says
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Customers of Deutsche Bank units lodge surge in complaints, consumer group says

October 23, 2023No Comments3 Mins Read
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The logo of Deutsche Bank is seen in Brussels

The logo of Deutsche Bank is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File Photo Acquire Licensing Rights

FRANKFURT, Oct 23 (Reuters) – Customers of two Deutsche Bank (DBKGn.DE) units have lodged a surge in complaints with Germany’s consumer protection agency, the advocacy group said on Monday, as the banking giant scrambles to make good with aggravated clients.

The VZBZ consumer group said it had registered about 1,700 complaints by customers of Deutsche’s Postbank arm and its mortgage division in the year through September. That is nearly a threefold increase of its overall complaints from all of 2022.

Germany’s largest bank earlier this year botched the integration of its Postbank arm, leaving customers complaining that they were locked out of their accounts and unable to reach call centres.

The issue has drawn the scorn of the nation’s top regulator and a mea culpa from Deutsche’s chief executive. It is a setback for Deutsche’s effort to restore credibility after fines over the last decade for lapses in money-laundering controls and other penalties.

A Deutsche Bank spokesperson said that the bank had put in place more than 500 additional staff to solve the problem and that there was “progress in all areas subsequently affected by the IT integration at Postbank”.

“Two-thirds of the customer-relevant backlogs have already been dealt with,” the spokesperson said.

The consumer group had already reported complaints of Postbank customers not having access to their funds for weeks and direct debits getting rejected, jeopardising their credit scores.

In its statement Monday with updated data, VZBZ said that nearly one in five complaints dealt with problems around customer service.

See also  Inflation Falls Below Expectations As Economy Cools

“Banks are cutting more and more jobs, which also affects customer service, so consumers are ultimately helpless when problems arise,” said Ramona Pop, head of VZBZ.

Deutsche began acquiring Postbank, with its millions of clients and roots in the postal system, in 2008 during the global financial crisis, but for years struggled to complete its integration.

The bank said in July it had completed a final phase of integration, but in September the German financial regulator BaFin in an unusual rebuke said it had seen “considerable disturbances” at Postbank.

BaFin got nearly 10,000 complaints about Postbank by early September, a person with direct knowledge of the matter said.

BaFin’s president later called the matter “unacceptable” and installed a special monitor at Deutsche.

Deutsche’s CEO Christian Sewing said Deutsche had made mistakes.

“We have not lived up to our responsibility,” he said.

Reporting by Tom Sims; Editing by Rod Nickel

: .

Acquire Licensing Rights, opens new tab

Covers German finance with a focus on big banks, insurance companies, regulation and financial crime, previous experience at the Wall Street Journal and New York Times in Europe and Asia.

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