Significant impairments at Deutsche Bank subsidiary Postbank: Bafin handles complaints after September 5th, 2023

The German financial regulator Bafin is observing significant impairments in the processing of customer business at “Postbank – a branch of Deutsche Bank AG” (Postbank) and is examining whether there are any deficiencies relevant to supervision in the institute.

According to the supervisory authority, there are numerous complaints from customers. The Bafin is investigating the complaints and, if indicated, will impose supervisory measures in this context.

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Since the turn of the year 2022/2023, Bafin has seen significant impairments in the processing of customer business at Postbank. In addition to various disruptions in online and mobile banking and the lack of availability of telephone customer service, these included long processing times for seizure and estate matters as well as for the closure or processing of accounts and the repayment of savings deposits. In addition, there are significant impairments, especially in the setting up and administration of garnishment protection accounts, which in some cases have massive effects on customers. The North Rhine-Westphalia consumer advice center also pointed this out in a press release dated August 23, 2023, according to Bafin.

“We continue to see a significant increase in the volume of inquiries and orders from our customers at Postbank,” said a spokesman for Deutsche Bank in a statement at the request of Dow Jones Newswires. “As a result, some of our service processes continue to have significantly longer processing times. We regret the inconvenience for our customers, for which we apologize in full.”

The bank is working with various measures to shorten the processing time in the affected areas in order to meet the legitimate expectations of customers. Among other things, the number of service employees has been increased significantly. “We are in regular dialogue with the Bafin about our measures,” said the spokesman.

FRANKFURT (Dow Jones)

Image Source: 360b / Shutterstock.com, Postbank, Bocman1973 / Shutterstock.com

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