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Austrian bank cancels high interest-paying bank books

A bank from Austria, which hit the headlines in a very negative way not such a long time ago, declared to cancel the interest-paying bank books of its customers. Just because. One-way.

Carinthias daily newspaper “K√§rntner Tageszeitung” reports about it. The bank sends accompanying letters with the reference that those terms and conditions in that time does not match the economical circumstances of today. There is no question that the bank is allowed to do that, reports the daily newspaper, but the campaign is done very shortsighted.

Permanent contracts can be canceled anytime. But the question is what might hurt the bank more in its statement of financial position at the end of the day. The interest rate agreements a little bit above the usual market price, or more than 20.000 upset customers who are leaving into the open arms of the business competition, asks the newspaper.

Nevertheless the other banks won’t be very excited about such decisions. It’s a damage for the whole financial industry. The past events were bad enough and brought a massive loss of confidence. “A very stupid moment for such a decision”, thinks the newspaper. There is also the International Saving Day in one and a half week. Like the newspaper told, it’s not the best moment to do that now.

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