PostIdent : Identifying Myself at the Post Office to Open a Girokonto with Comdirect

After printing out my application for a checking account at Comdirect, I reviewed and signed then. Then I went to the post office with only my passport, but that was not enough.

I went back a second time with my address registration at the Bezirksamt. So despite what the directions from Comdirect say, you need more than a passport if you are a foreigner.

The process itself was easy: I handed over the papers from Comdirect, my passport, and the address registration. The postal worker entered all my information into her computer, printed out a form for me to sign with my information, photocopied my passport, and sent it off.

So hopefully I will hear from Comdirect in the next few days about whether my account is open. I can’t wait to get my pens in the mail!

Opening a Girokonto bank account with Comdirect

According to Comdirect’s website, there are four steps to opening an account.

1. Fill out the online application and submit it. This should only take seven minutes.
2. Print out the application and sign it.
3. Take the application and a photo ID with you to the post office for identification verification, what is called PostIdent in German.
4. Comdirect will inform you in writing their decision.

Opening Process

The opening process went very smoothly. I filled out the application and accepted almost all the default options except that I unchecked for opening a ‘Depot’ / securities account.

Interestingly, they also asked me if I wanted to donate my 1 euro per month to my choice among three charities. With this economy, I need that one euro for myself. And I choose to support different not-for-profit groups.

After I submitted the application online, I received notice that if I were to complete the account opening within three weeks, I would get a set of two nice pens for free.

All in all, pretty easy.

Next up: identifying myself at the post office….

Comparing Checking and VISA bank accounts at Comdirect and DKB

Comparing Checking and VISA bank accounts at Comdirect and DKB

So much for all the work in digging through Comdirect’s website! Someone already did all the hard work in German, summarizing all the different checking accounts out there! And it was updated December 10, 2008. Here is the chart after it has been machine translated in English.

First, choose whether you have a ‘salary or private account’ or if you are a trainee or student. Next, choose how much your income is every month. Lastly, choose which positions you want to see.

Obviously, ratings 1-6 are the better banks. Out of curiosity, I checked to see how Deutsche Bank stacked up and found it at number 28 out of 30! Time to switch banks!

My personal situation: choosing between comdirect and DKB

For my personal situation, which is a monthly salary between 1,200 to 1,499 euros, comdirect and Deutsche Kreditbank (DKB) come up as the two top-rated banks.

The main differences are in the ATM usage and interest rates.

ATM

For DKB, all ATM withdrawals from the VISA account are free worldwide.

For comdirect, ATM withdrawals from the VISA account are free abroad whereas in Germany they are only free within the Cash Group, which includes Commerzbank, Deutsche Bank, Dresdner Bank, HypoVereinsbank, Postbank and its subsidiaries.

Interest Rates

For DKB, the VISA account earns 3,8 %.

For comdirect, the VISA account earns 4,5 % for the first six months, up to 30,000. Afterwards, the rate is 3,75 %.

Other differences

There are two other differences between DKB and Comdirect that matter to me.

Since DKB is an online-only bank, I cannot deposit cash into it. Comdirect is also an online bank, but they are affiliated with Commerzbank, so I can deposit cash there.

Lastly, Comdirect will give me 1 euro per month and currently has a sign-up bonus of 75 euros.

Conclusion

Since interest rates are liable to change, the only pro of DKB for me is free ATM withdrawals within Germany.

The pros of Comdirect for me are the possibility of cash deposits and 75 euros + 1 euro each month.

Since I find it hard to argue with hard, cold cash, Comdirect wins.

Comdirect’s Checking Account, the ‘Girokonto’

The basics

• If you open an account before the end of the year, 75 euro opening bonus.
  The account is free with a monthly deposit of at least 1,250 euros. Otherwise, the account is 4,90 Euros per month.
  For new bank clients, comdirect bank will give you 1 euro each month in your account.
  
• 5.0% interest rate for money in the VISA account for new customers only, for six months only, up to 30,000 euros

Features

GeldKarte

On the ec-/Maestro- card is a golden chip which identifies you as legal to buy cigarettes from tobacco vending machines.

FREE ec-/Maestro- and VISA debit card

The ec (Electronic Cash) card is like a debit card, in that money comes directly from your account. In Germany, most places do not accept Visa and accept only the ec card. The Visa card is a credit card, and every month you will have a statement have have to pay it.

From my internet research, it seems as though I will get two cards, one ec-/Maestro card and one VISA debit card. Online you will apparently see two different acounts too. In the VISA acount, you will get 5% interest for a balance of up to 30,000 euros for the first six months. My understanding is that you keep most of your money on the VISA side and some money in your Giro site, which is attached to the ec-/Maestro card. From the ec-/Maestro card, you will pay rent, buy groceries, receive your direct deposits, etc.

Within Germany, access your cash for free at over 7,000 ATMs in the Cash Group, which includes Commerzbank, Deutsche Bank, Dresdner Bank, HypoVereinsbank, Postbank and its subsidiaries. You can also use the ATMs of Deutsche Bank in Italy and Spain use free of charge. Search for ATMs here, because if you use your ec-/Maestro-card with other banks, it is 3,98 euros per withdrawal.

However, using the VISA card abroad to withdraw money from ATMs is free. Using the VISA to pay for purchases, they will charge you 3% or at least 5,11 euros.

Tomorrow I will look into the fees in their fee schedule.

Comdirect ‘Depot’ Account

So, I made a mistake. The comdirect account I mentioned in my last post is an online brokerage account, not a checking account. But opening it still gives you 7,500 topbonus miles with Air Berlin.

Here are the details I found on comdirect:

* Free for at least 1 year
* Three free trades at the German stock exchanges and in OTC trading
* Cost for custody transfer to comdirect

The custodian fee waiver is only available in conjunction with the activation of Postbox, an electronic mailbox for order slips and other communications.

Since I am looking for a new checking account, I will not look any more into this program.

But while looking at this account, I saw that comdirect will give you 12 euros a year to have Girokonto account with them. In my next post, I will tell you what I learned about the GiroKonto.

Free AirBerlin miles with comdirect Bank Account

According to AirBerlin's website,

All existing and new customers will get 7,500 bonus miles in AirBerlin's mileage program topbonus at the opening of comdirect bank accounts.

Included in the AirBerlin bank account: comdirect bank carries out the first three transactions at the German stock exchange for free, charges no fees for one year, and assumes all the costs for a custody transfer from another bank.

Your advantages as a topbonus Client: 7,500 bonus miles gets you a free flight within Germany, although you still have to pay taxes and fuel surcharges.

I would only apply for this if I already wanted to have a comdirect bank account. My next post will review the features of a comdirect bank account.

Deutsche Bank AktivKonto Checking Account Review: Opening Process and Features

Here in Berlin, I opened up a checking account at Deutsche Bank because they offered an online banking interface in English as well as free ATM withdrawals at Bank of America in the US. I chose the most basic account offered at Deutsche Bank, the AktivKonto. If you are a student 30 or below, the Student Account—the StudentenVorteilsKonto--is even better because it is free.

The other two kinds of checking accounts they offer are the PlusKonto and the BestKonto. The PlusKonto offers a second ATM card for free, among other services, which is great if you share the account with someone. The BeskKonto gives you a gold Mastercard or Visa credit card, which is unnecessary since I already have so many credit cards.

Here are my experiences so far as well as some first impressions of this checking account:

Opening Process

The opening process went very smoothly. I went to the Deutsche Bank branch at Potsdamer Platz and requested to open an account with an English-speaking banker.

I only needed my passport, no opening deposit needed. I don’t think he checked my credit. I signed a lot of papers and received my ATM card, ATM password, online banking password, and TAN numbers (more on these later) in the mail a few days later. Even though the online bank is in English, all the documents they sent me were in English.

Account Features, Transfers and Usability

For the basic fee of 4,49 euros per month, you get a checking account with no minimum balances. Since I was starting a new job, I asked to have the 50% career beginner bonus. This saves me half of the monthly basic fee. This applies to accounts opened during the first year of employment for one year and requires regular salary deposits for customers up to 31 years of age. Now I pay only 2,24 euros per month for the AktivKonto.

Features

Included in this account is an ATM and Electronic Cash card, which is the German version of a debit card. You can withdraw for free at Deutsche Bank ATMS or the ATMs of the Cash Group banks in Germany or abroad: Commerzbank, Dresdner Bank, HypoVereinsbank, and Postbank. Deutsche Bank’s international partners are Bank of America in the US, Barclays in the UK, BNP Paribas in France, Scotiabank in Canada and Mexico, and Westpac in Australia and New Zealand. If you withdraw from any other ATM, it is a whopping 5 euros per withdrawal!

Beware: the monthly statements are free, but they deduct postage from your account! You may print them for free at certain ATMs equipped with a printer.

In Germany, checks are dinosaurs—and you have to pay 1,50 euros per each check drawn and presented.

Transfers
All transfers are free online, and the transfer limit is 1000 euros per day. Receiving transfers from Germany, EU, and EEA countries are free as are issuing transfers via online banking. Transfers via remittance forms and telephone customer service cost 1,50 euros each as are repeating transfers set up, updated, or cancelled by telephone or at the bank branches.

Their online bank allows you to schedule transfers 60 days in advance and see the last 120 days of your account actions. For every transaction made online, such as online transfers or address change, you must enter a TAN number even after signing in with your password.

Transfers within Germany made via online banking up to 4p.m. will be executed the same day.

Standing orders is British for repeating payments. Updates or cancellations should be made at least 3 days before the date of execution.

Usability
The interface is very simple and utilitarian.

More Information

Customer Service: 0 18 18 – 10 00, open 24/7.
I have never called customer service, as the charge is 9,9 eurocents per minute.