Financial authorities and banks are preparing for possible power outages in Germany. What you should know now about the money supply.
Munich / Frankfurt am Main – they have long established themselves: electronic and digital means of payment. Many people now prefer cashless payments using an EC card or a smartphone app like Apple Pay to carrying around a wallet full of banknotes. But: In the current energy crisis with developments that cannot yet be predicted, the trend suddenly becomes dangerous.
Danger of blackouts: Experts advise storing cash at home
For example, although gas storage facilities in Germany are full again, blackouts – that is, power outages – are still not completely ruled out. So it is advised eg Federal Interior Minister Nancy Wesser has repeatedly asked Germans about emergency supplies in recent monthsI do not know how long that Ukraine war With its global consequences, it remains. However, experts also recommend having an emergency supply of cash in the household, merkur.de reports.
The Federal Office for Civil Protection and Disaster Assistance (BKK) always recommends “enough Cash” for any emergency at home to have. According to the BKK, the need depends on the size of the family, and no specific amount is mentioned. On the other hand, the Austrian Supreme Civil Protection from the neighboring country, for example, is more refined. Power advises out loud Berlin Morning Post Up to €500 in small bills per household.
In the video: Contingency plans for power outages – How Germany wants to secure access to cash
But: can I still withdraw enough money in case of a power outage? What if there is no electricity for the ATM? What about paying when it is not possible to charge card payment machines, for example in restaurants or retail?
Withdraw money despite a power outage? Counters have once again become an alternative to ATMs
In any case, the tax authorities and banks in Germany are preparing and working on contingency plans. As reported by the Reuters news agency, Deutsche Bundesbank of Frankfurt am Main is planning to increase its cash holdings. Reuters appeals loudly Business interested to “four people involved in the plan”. With its updated inventories, the Bundesbank is ready for very high demand.
The withdrawal will continue, but only on the spot at the bank at the counter. Seems like from another time. The first point: A number of banks have closed many branches in recent months and years due to the ongoing digitization. An example of this is Commerzbank in Munich. For example, they closed their abundant branches on Sonnenstraße on the edge of the old town, at the beginning of Landsberger Straße near Theresienwiese and on Fraunhoferstraße in Isarvorstadt between Glockenbachviertel and Gärtnerplatzviertel. in the field of Munich branch Commerzbank will close a total of 15 branches by the end of the year. The savings are also evident on employees. The result: long lines in front of the branch at the main train station.
Need money during a power outage? Cash insurance also has its drawbacks
This is one of the reasons why it is recommended in many places to store cash at home. There is perhaps a second problem: the security companies that move money from A to B can become a vulnerability. Because: According to the German Federal Association for Financial and Value Services (BDGW), Reuters explains, priority access to fuel and communications during power outages is not comprehensively regulated by law. Ergo: Security companies have not (yet) been classified as systemically important.
The German banking industry, asked by Reuters, said banks consider large-scale blackouts “unlikely”. In the end, only the cash supply at home helps avoid unpleasant surprises. (evening)