Alles per App: Neobanken: Wo digitale Konten an Grenzen stoßen

Neobanks, digital-only banks, are particularly appealing to younger consumers. However, the Verbraucherzentrale NRW, a consumer protection agency in North Rhine-Westphalia, Germany, warns that while they offer free services, there are some drawbacks to consider.

Firstly, a smartphone is a prerequisite as all banking services are conducted through apps. If the device is lost or stolen, accessing the account could become challenging. Often, the account and the two-factor authentication (TAN) generator are both present in the same app, which provides some convenience but may not offer the same level of security as a two-device setup.

Withdrawing cash can be cumbersome and expensive. Neobanks operate on a cashless system and are seldom part of traditional ATM networks. While some offer credit or debit cards for withdrawing cash from ATMs or making purchases, there is often a monthly limit. Going over this limit incurs additional fees. Depositing cash is also more complicated than with traditional banks, which typically have a branch or ATM network.

As Neobanks become more complex, personal customer service representatives may become scarce. Most Neobanks do not offer direct customer support, which can be inconvenient, especially in cases of hacked accounts or stolen credit cards. Customers may find communicating with a chatbot slow and frustrating. The process of setting up a frozen account to protect against creditors can also be challenging for Neobank customers, according to consumer advocates.