Panic before the first lockdown: Bank customers withdrew more than 100 million euros – Coronavirus Vienna

Panic before the first lockdown: Bank customers withdrew more than 100 million euros – Coronavirus Vienna
Panic before the first lockdown: Bank customers withdrew more than 100 million euros – Coronavirus Vienna

16.09.2021 09:33

(Akt. 16.09.2021 09:33)


Outgoing Erste board member Schaufler: Customers withdrew more than 100 million euros before the first lockdown – some of their cash
© APA / HELMUT FOHRINGER (symbol picture)

Mr and Mrs Austrians must have panicked before the first lockdown, as the outgoing Erste Group Board Member for Private Customers, Thomas Schaufler, now reports in an interview.

The first corona lockdown in March 2020 kept domestic banks very busy. “On the Friday before the first lockdown, customers withdrew more than one hundred million euros. In some cases, customers wanted to withdraw all of their cash,” said the outgoing Erste Group private customer board member, Thomas Schaufler, in the “Standard” (Thursday edition).

Customers withdrew money in a lockdown panic – and changed their payment behavior

“Much of the money that was withdrawn in panic flowed back over the next few days. That was completely irrational.”

The corona crisis has also changed payment behavior. The card payments have risen by 42 percent, Internet banking has increased by 20 percent, so the Erste Group board of directors. Because of the corona-related share slump in March 2020, interest in investments increased. “In the first days of the lockdown, we also opened thousands of new securities accounts,” said Schaufler.

Low interest rate policy: This is how investments are made at the moment

Due to the low interest rate policy, many investors are currently investing their money in stocks or investments, such as start-ups, instead of bonds. “Here, however, there are a few evaluations that you have to look closely at. Much is currently liquidity-driven because the money is looking for an investment,” said the banker.

As it became known yesterday, Schaufler is moving to the German Commerzbank. From January 1, 2022, he will be the board member responsible for private and corporate customer business.

Source

Panic lockdown Bank customers withdrew million euros Coronavirus Vienna

 
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