Cash Group
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Cash Group is a cooperation of the four largest
German German(s) may refer to: * Germany (of or related to) **Germania (historical use) * Germans, citizens of Germany, people of German ancestry, or native speakers of the German language ** For citizens of Germany, see also German nationality law **Ger ...
private banks (
Deutsche Bank Deutsche Bank AG (), sometimes referred to simply as Deutsche, is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Sto ...
,
Commerzbank Commerzbank AG () is a major German bank operating as a universal bank, headquartered in Frankfurt am Main. In the 2019 financial year, the bank was the second largest in Germany by the total value of its balance sheet. Founded in 1870 in Hambur ...
,
HypoVereinsbank UniCredit Bank AG, better known under its brand name HypoVereinsbank (HVB), is the fifth-largest of the German financial institutions, ranked according to its total assets, and the fourth-largest bank in Germany according to the number of its e ...
, and
Postbank Postbank or Post bank may refer to: Postal savings systems (alphabetical by country) * Bulgarian Postbank, a Bulgarian retail bank * Chunghwa Post, a Taiwanese postal service that provides savings account services * Deutsche Postbank, a German reta ...
) and their subsidiaries, in which they mutually waive ATM usage fees for their customers. It is not an
interbank network An interbank network, also known as an ATM consortium or ATM network, is a computer network that enables ATM cards issued by a financial institution that is a member of the network to be used to perform ATM transactions through ATMs that belon ...
but uses the pre-existing
girocard girocard is an interbank network and debit card service connecting virtually all German ATMs and banks. It is based on standards and agreements developed by the German Banking Industry Committee. German girocards are usually co-branded with Mast ...
network. With more than 7000 ATMs, the cooperating banks' ATM networks form the third largest ATM network in Germany.Cash Group Homepage
/ref> The cooperation was founded in 1998 and is generally not open to other members. Its primary competitor in Germany is
CashPool CashPool is a cooperation of a multitude of smaller or virtual German private banks, in which they mutually waive ATM usage fees for their customers. It is not an interbank network but uses the pre-existing German ATM or Maestro/Cirrus netw ...
.


Background

Most banks in Germany, while connected through the
girocard girocard is an interbank network and debit card service connecting virtually all German ATMs and banks. It is based on standards and agreements developed by the German Banking Industry Committee. German girocards are usually co-branded with Mast ...
network, charge ATM usage fees for customers of other banks. Prior to 1998, the charge was fixed to 4,00 DM (2,05
The euro sign () is the currency sign used for the euro, the official currency of the eurozone and unilaterally adopted by Kosovo and Montenegro. The design was presented to the public by the European Commission on 12 December 1996. It consists ...
) or 1%, whichever was higher. However, this agreement was terminated by the Sparkassen (public banks), who jointly operate the largest German ATM network, arguing that the cost of operating ATMs was unfairly laid on them when
virtual bank A direct bank (sometimes called a branch-less bank or virtual bank) is a bank that offers its services only via the Internet, email, and other electronic means, often including telephone, online chat, and mobile check deposit. A direct bank has no ...
s entered the market. As a consequence, banks now had to deal with different ATM usage charges from other banks but were legally required to make definite quotes to their customers. Most of them simply charged their customers with the estimated maximum fee and pocketed the difference, which dramatically raised the ATM fees for banking customers. Finally, in 1998, the five large German private banks formed Cash Group to counter the bad press resulting from the increase in ATM fees, waiving ATM usage fees within the Group and thus for customers of the Group's member banks. After its formation, other German banks tried to become members of Cash Group but no other bank was accepted by the existing members, except new subsidiaries of the so-called big five. Therefore, in 2000, several smaller German banks founded CashPool as an answer to Cash Group. Today, CashPool is Cash Group's primary competitor in Germany. However, with more than 2,500 ATMs, and 29 member institutions it is significantly smaller.
Norisbank The Norisbank GmbH is a German bank with headquarters in Bonn. Since 2 November 2006, it has been a subsidiary of ''Deutsche Bank'' and since 27 July 2012 purely a direct bank. History The roots of Norisbank date back to the year 1954. Starting ...
GmbH, one of the current members of Cash Group, originally was a member of CashPool. It left CashPool and became a member of Cash Group after its acquisition by Deutsche Bank in 2006.


Members of Cash Group


The three of the largest German private banks

*
Deutsche Bank Deutsche Bank AG (), sometimes referred to simply as Deutsche, is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Sto ...
,
Frankfurt am Main Frankfurt, officially Frankfurt am Main (; Hessian: , "Frank ford on the Main"), is the most populous city in the German state of Hesse. Its 791,000 inhabitants as of 2022 make it the fifth-most populous city in Germany. Located on its na ...
*
Commerzbank Commerzbank AG () is a major German bank operating as a universal bank, headquartered in Frankfurt am Main. In the 2019 financial year, the bank was the second largest in Germany by the total value of its balance sheet. Founded in 1870 in Hambur ...
, Frankfurt am Main *
HypoVereinsbank UniCredit Bank AG, better known under its brand name HypoVereinsbank (HVB), is the fifth-largest of the German financial institutions, ranked according to its total assets, and the fourth-largest bank in Germany according to the number of its e ...
,
Munich Munich ( ; german: München ; bar, Minga ) is the capital and most populous city of the States of Germany, German state of Bavaria. With a population of 1,558,395 inhabitants as of 31 July 2020, it is the List of cities in Germany by popu ...
*
Postbank Postbank or Post bank may refer to: Postal savings systems (alphabetical by country) * Bulgarian Postbank, a Bulgarian retail bank * Chunghwa Post, a Taiwanese postal service that provides savings account services * Deutsche Postbank, a German reta ...
,
Bonn The federal city of Bonn ( lat, Bonna) is a city on the banks of the Rhine in the German state of North Rhine-Westphalia, with a population of over 300,000. About south-southeast of Cologne, Bonn is in the southernmost part of the Rhine-Ruhr r ...


Their Subsidiaries

*
Dresdner Bank Dresdner Bank AG was a German bank and was based in Frankfurt. It was one of Germany's largest banking corporations and was acquired by competitor Commerzbank in May 2009. History 19th century The Dresdner Bank was established on 12 Novemb ...
(acquired by
Commerzbank Commerzbank AG () is a major German bank operating as a universal bank, headquartered in Frankfurt am Main. In the 2019 financial year, the bank was the second largest in Germany by the total value of its balance sheet. Founded in 1870 in Hambur ...
) *Bankhaus Neelmeyer,
Bremen Bremen (Low German also: ''Breem'' or ''Bräm''), officially the City Municipality of Bremen (german: Stadtgemeinde Bremen, ), is the capital of the German state Free Hanseatic City of Bremen (''Freie Hansestadt Bremen''), a two-city-state consis ...
* Bankhaus W. Fortmann & Söhne,
Oldenburg (Oldenburg) Oldenburg () is an independent city in the state of Lower Saxony, Germany. The city is officially named Oldenburg (Oldb) (''Oldenburg in Oldenburg'') to distinguish from Oldenburg in Holstein. During the French annexation (1811–1813) in t ...
* Berliner Bank,
Berlin Berlin ( , ) is the capital and largest city of Germany by both area and population. Its 3.7 million inhabitants make it the European Union's most populous city, according to population within city limits. One of Germany's sixteen constitue ...
* comdirect bank,
Quickborn Quickborn is a rich town in the district of Pinneberg, in Schleswig-Holstein, Germany. It belongs to Metropolregion Hamburg and is located on the north part of Hamburg on Autobahn A7. Geography Quickborn is located about 18 km north from ...
*
DAB Bank DAB, dab, dabs, or dabbing may refer to: Dictionaries * ''Dictionary of American Biography'', published under the auspices of the American Council of Learned Societies * ''Dictionary of Australian Biography'', published since 1949 Places * Dąb, ...
, Munich * Deutsche Bank Privat- und Geschäftskunden, Frankfurt am Main *
Norisbank The Norisbank GmbH is a German bank with headquarters in Bonn. Since 2 November 2006, it has been a subsidiary of ''Deutsche Bank'' and since 27 July 2012 purely a direct bank. History The roots of Norisbank date back to the year 1954. Starting ...
,
Bonn The federal city of Bonn ( lat, Bonna) is a city on the banks of the Rhine in the German state of North Rhine-Westphalia, with a population of over 300,000. About south-southeast of Cologne, Bonn is in the southernmost part of the Rhine-Ruhr r ...
* Münsterländische Bank,
Münster Münster (; nds, Mönster) is an independent city (''Kreisfreie Stadt'') in North Rhine-Westphalia, Germany. It is in the northern part of the state and is considered to be the cultural centre of the Westphalia region. It is also a state distr ...
* Oldenburgische Landesbank, Oldenburg (Oldenburg) *
Deutsche Postbank Postbank is the retail banking division of Deutsche Bank, which was formed from the demerger of the postal savings division of Deutsche Bundespost in 1990. Since May 2018, it operates as a brand of Deutsche Bank's retail arm. It serves 13 million ...
,
Bonn The federal city of Bonn ( lat, Bonna) is a city on the banks of the Rhine in the German state of North Rhine-Westphalia, with a population of over 300,000. About south-southeast of Cologne, Bonn is in the southernmost part of the Rhine-Ruhr r ...


References


External links

* Interbank networks Financial services companies of Germany 1998 establishments in Germany Financial services companies established in 1998 {{finance-company-stub