"Unhappy customers can leave Postbank"

5th November 2007, Comments 0 comments

5 November 2007, THE HAGUE – The Postbank is not violating any laws or regulations by systematically lowering the interest rate on various savings accounts while the market interest rate has risen.

5 November 2007

THE HAGUE – The Postbank is not violating any laws or regulations by systematically lowering the interest rate on various savings accounts while the market interest rate has risen.

It is up to consumers to keep an eye on the terms of their savings accounts and to change over to another bank if they are unhappy with developments.

Finance Minister Wouter Bos wrote this in a letter to Parliament on Monday after questions from the Socialist party SP. A few weeks ago investigation by the Volkskrant indicated that the Postbank strategy is yielding considerable profits for parent company bank insurer ING.

Bos did not want to comment further on the Postbank's policy. His main concern is whether consumers can obtain sufficient information about the interest policy and whether they can change banks if they so desire. There are substantial differences between interest rates at different banks, he says, which could make changing banks worth the trouble.

[Copyright Expatica News + ANP 2007]

Subject: Dutch news

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