The offer for new customers had already been discontinued. Temporarily, as it was previously called. Now, however, the Mercedes-Benz Bank is finally discontinuing its offer for overnight and fixed-term deposits. Read here what this means for customers.
Regardless of the approaching end of penalty interest for savers and banks, the Mercedes-Benz Bank announces the closure of its overnight and time deposit accounts. In the future, the bank would like to specialize in vehicle financing for Mercedes customers and dealers. Previously, the call money accounts had only been held by existing customers for some time and new investments for time deposit accounts had already been discontinued. A total of 340,000 customer accounts are affected.
Now the products Daily Money Online, Daily Money Classic and all fixed-interest account terms from 3 months to 6 years will be removed from the portfolio. From June 2022, the bank will begin phasing out call money accounts. This process should be completed by mid-2024.
A termination by the customer is not necessary. The balance of the relevant accounts will be automatically transferred to the stored reference account on the termination date. If the bank details have changed in the meantime, please sign and notify the bank by post no later than 14 days before the cancellation date.
Fixed interest accounts are not terminated, but end on the due date. However, it is not possible to extend the term of your Fixed Interest Account or create additional Fixed Interest Accounts. The balance of the fixed interest account is automatically credited to the call money account when it is due. After the last fixed-interest account is due, your call money account will also be terminated.
Mercedes-Benz Bank is affiliated with the deposit protection fund of the Association of German Banks until the final cessation of deposit business. This protects the deposit products with over 521 million euros per customer.
The Mercedes-Benz Bank customer service is available on 0681 9659 5020 for individual questions.
(This article was first published on Friday, May 27, 2022.)