This article was last updated on April 6, 2023
Complaints about German banks increased sharply
Last year, the number of complaints against German banks and financial institutions rose by 20%, with 15,000 reports filed to the German regulator BaFin, compared to 12,500 in 2021. Customers were especially dissatisfied with lengthy account closure waiting times, changes in terms and conditions, and the increasing closure of branches.
In the wake of the 2020 collapse of Wirecard, a German payment processor, BaFin has made consumer protection a top priority. Wirecard, founded in 1999, offered payment processing services, including its own digital credit card, payment app, and services for large companies. Despite being viewed as a German success story, Wirecard admitted in 2020 that nearly $2 billion in assets listed on its balance sheet likely didn’t exist, leading to its bankruptcy three days later.