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Negative interest on credit When it suddenly costs you to save

As of: 06/18/2021 8:58 a.m.

Up to now, banks have mainly charged new customers with negative interest rates. It also affects existing customers more and more frequently. Consumer advocates advise to be clear about what you want to do with the money.

From Iris Völlnagel, SWR

Anger and complaints from consumers are part of everyday life for Josephine Holzhäuser, financial expert at the consumer center in Rhineland-Palatinate. But since the beginning of the year, more and more consumers have come to her who have left their financial institutions “betrayed and sold” feel. The reason: More and more banks and savings banks are introducing negative interest rates on current and savings accounts.

More than 345 institutes collect negative interest

Many older people, but also younger ones, now sought advice from consumer advocates. Most of them have been customers for years, have taken out their mortgage lending or insurances with the banks, and now they are being threatened with termination if they are not willing to pay negative interest, says Holzhäuser. “From my point of view, this is a clumsy business practice.” People feel compelled and pressured. Many older people are overwhelmed – especially those who are not so fit online. Since the beginning of the year, more than 170 banks and savings banks in Germany have introduced negative interest rates. This is the result of a study on the www.biallo.de Internet portal. Every third bank only grants an allowance of 25,000 euros. The consumer portal Verivox also regularly researches and publishes the product overviews and price lists of around 1,300 credit institutions that are accessible online. As a result, more than 345 banks have now introduced negative interest rates for private customers. 19 banks charge fees for the call money account, which is usually free of charge. This also creates a de facto negative interest rate. In addition, there are the banks that do not publish any information, according to Verivox. Most recently, Postbank announced that it would lower the exemption limits for savings deposits on June 21 and one for new customers “Custody fee” from 50,000 euros on the current account and 25,000 euros on the daily allowance account. Contributions above this limit are charged with 0.5 percent. So far, the tax exemption has been 100,000 euros.

Banks point their fingers at the ECB

As a reason for that “Custody fee” the financial institutions repeatedly claim that they themselves pay negative interest rates to the European Central Bank (ECB). In 2014 it began to charge penalty interest on money that the commercial banks park in their central bank accounts. However, the banks are now granted exemptions. Critics therefore complain that the financial houses are doing business with negative interest rates.

This practice will not change in the foreseeable future, fears consumer advocate Holzhäuser. “If one bank does it, the others follow suit. If the pace continues, one no longer looks to see which bank has no negative interest, but from which tax exemption”, so wooden houses. David Bode from the legal enforcement team of the Federal Association of Consumer Organizations knows whether the introduction of negative interest is generally permissible. The association has filed suits at different courts in several federal states. It concerns both current and overnight money accounts. How long the litigation will take is difficult to estimate, according to Bode. There could possibly be first judgments in the current calendar year. In the end, the Federal Court of Justice may have to decide.

Consumers in a bind

A basic distinction should be made between existing and new customers. The latter advises the financial expert Holzhäuser to look at the small print before signing the contract. In the meantime, it is noted in the general terms and conditions whether negative interest is charged above a certain amount.

This is different with existing customers, where changes require an individual agreement. In the past year, the banks would have allowed existing customers to talk to them. In the meantime, the banks are going to terminate their business relationships. “That has another dimension”, so the consumer advocate. “As a customer, I then have to decide whether to sign or not.” In the meantime, however, she advises signing more and more often, according to Holzhäuser. “If people want to stay with the bank, they have to bite the bullet and watch the further case law.” If you don’t want to sign, you shouldn’t wait for the bank to give notice of termination, advises the consumer advocate. “We cannot yet assess how such a termination will affect Schufa, for example.” Alternatively, consumers could look for a new bank. As a rule, you have some time because the bank contacts its customers one to two months in advance.

Shift money, check investments

Many banks charged negative interest for amounts in excess of 100,000 euros. This corresponds to the amount of the deposit protection; that is, the amount for which the bank guarantees in the event of a total failure. If you have more in your account, you should distribute your money between several accounts at different institutions, according to the advice of the financial expert.

After all, everyone should check why they have so much money in their account at all, according to the consumer advocate. The following also applies: do not accept every offer without review. “In case of doubt, it is better to go with negative interest than to invest the money headlong.” A unit-linked annuity insurance with a term of twelve years is not an adequate offer for people over 70, according to Holzhäuser. You can also deposit the money in a locker or safe at any time. Just leaving it at home is the worst option because of the risk of theft, according to the financial expert

K-Pop idols don’t mind dyeing unique colors As a result, almost every idol encounters dry, charged, and standing hair when they perform on stage. So many beautiful boys and girls have fallen into a situation where they lost all their form when their hair stood up like a lawn, making their teammates laugh and forget to perform. Many people have hair stand up while performing because it’s too dry Fans are of course very worried when they see idols bleaching and dyeing their hair continuously like that, worried that their hair will be damaged, dry and broken. Not to mention, Yoona once had to cut her hair short to remove the damaged hair ends from using too much chemicals, accepting to grow her new hair to be healthy. Yoona used to cut her hair short to grow her new hair more beautiful But according to hair stylists who specialize in working with K-Pop idols, things are not as stressful as fans worry. Dry hair, weak hair is inevitable but still at an acceptable level. Because after each hair bleaching or hair dyeing, idols go through many steps of hair care and hair restoration with good products. Thanks to that, their hair is not damaged too much. Experts confirm that idols do not damage their hair too much when bleaching and dyeing continuously Hairdressers themselves are also aware that their job is not only to create new hairstyles for idols, but also to calculate how to protect idols’ hair from damage. That’s why many female idols, despite dyeing and bleaching many times, still keep their hair shiny and smooth.

The solar power market has many attractive factors for investors. Photo: VNA According to the Japan Economic Times, the revised law to promote countermeasures to prevent global warming was approved by the Japanese National Assembly on May 26. The content that attracted attention was that the goal of carbon neutrality before 2050 was first recorded in a Japanese law. To realize the goal of a coal-free society, Japan, the US, Europe and China alone will require an investment of up to 8.5 trillion yen in the period 2021-2050. The world will enter fierce competition in the field of technology that can change the world economic map. Japan’s Law on Promoting Countermeasures to Prevent Warming is expected to come into effect in April 2022, which clearly states the provision stipulating the basic perception of the government’s goals related to the implementation ” carbon neutral” to ensure a balance between greenhouse gas emissions and the amount of gas absorbed by vegetation. The regulation in the law shows the commitment of the Japanese Government to inherit the policy even when the government has a transfer, and is the basis for promoting business investment in the long run. Around the goal of carbon neutrality, the European-American countries have expressed their intention to achieve this goal before 2050. Countries around the world are also urgently using the public-private partnership mechanism to develop the carbon neutrality. new techniques to achieve the goal of a zero-emission society. Japan is currently at the forefront of the world in the development of next-generation battery technology and is realizing hydrogen-related techniques. The development of CO2 landfilling techniques is also being evaluated in Japan. The battery needed to develop electric cars is considered as one of the indispensable techniques to realize a zero-emissions society. However, in the field of lithium-ion battery production, Japan has not shown an advantage over Chinese manufacturers such as Contemporary Amperex Technology (CATL) and South Korean chemical company LG. Perhaps Japan can only create an advantage in this area by developing a new generation of solid batteries that can extend the travel distance on a single charge that companies like Toyota and Panasonic are at the forefront of this trend. this direction. Renewable energy production devices are also said to be the key to building a zero-emission society. During the 2000s, the Sharp and Sanyo Electric companies swept the world market for solar panel development and manufacturing. However, to date, about 80% of the world’s shipments are made in China. Japanese businesses have lost in the bidding war. Expectations are being held for solar panels using materials with a special crystalline structure (Perovskite) researched and developed by Toshiba and Ricoh. The technique of using hydrogen is expected to bring about a breakthrough in achieving the goal of carbon neutrality in the iron and steel manufacturing sector, which uses a large amount of energy source and is currently the three major Japanese steel corporations as well. is collaborating on research into hydrogen-using steelmaking technology. A test furnace has been set up at Nippon Steel’s factory (Kimitsu City, Chiba Prefecture) with the goal of realizing the technique before 2030. According to calculations by chemists, hydrogen is used instead of coke, combined with the use of carbon dioxide (CO2) separation and recovery techniques, can reduce CO2 emissions into the environment by 30%. According to Astamuse, a company that analyzes patent application trends, Japan can maintain its number one position in the world in terms of patents related to hydrogen engineering. In the context that countries around the world are increasing the speed of technical development, the issue of concern is how Japan will promote public-private partnership to bring hydrogen technology to applications in industries. industry of this country. For a country as highly dependent on fossil fuels as Japan, the turning point is CCS – capturing and burying CO2 underground. Currently in the world, the US is the leading country in research, development and realization of this technology. Some companies in Japan such as J-Power and Toshiba are also promoting the development of techniques to capture and landfill CO2 generated from thermal power plants. Car manufacturers in Japan have pioneered the world in the development and popularization of the hybrid vehicle (HV) model that combines an electric motor with a gasoline engine and has made a great contribution to cutting reduce greenhouse gas emissions. Hybrid cars are widely used in Japan, but in European and American countries, the trend of using electric vehicles (EVs) is more prevalent. If they can take advantage of the electrification technique used in HV cars, Japanese enterprises are fully capable of dominating the EV development competition in the world.

Using a low-quality electric fan contains many risks. Illustration Ms. L (Hai Ba Trung, Hanoi) was urgent, in order to prevent power failure, she chose to buy a rechargeable fan on the online market for 750,000 VND but only used it twice and it broke. After the fan broke, she contacted the online store, they said that because she used the fan in the wrong way, it was broken, the store was not responsible. Similar to the case of Ms. L, Ms. Van Anh residing in (Thuong Cat – Hanoi) also bought an electric fan for 900,000 VND, but it broke after using it for exactly one season. Worth mentioning, in addition to the common rechargeable fans, the current mini-charged fans are also widely sold on the market. Mini electric fans are quite diverse in type, capacity, and function, but they have the common characteristics of low price, only from 20 to 100 thousand VND / unit, compact size, can be easily carried when traveling . Not only is it easy to find and buy in shops, but also on online sales applications, this item is also very popular. Most mini-charged fans are rechargeable via USB or use AA batteries (rabbit batteries), allowing easy charging and replacement. With those utilities, mini-charged fans are currently very popular, especially with students, students or those who often move and work outdoors. According to electrical experts, if you can find a fan with clear origin and strict quality control, the risk of fire and explosion is very low, unless used in the wrong way. However, with cheap products, widely sold, the risk of poor quality electric fans, prone to fire and explosion is very high. Speaking of the risk of using low-quality rechargeable fans, refrigeration repair experts added, there are many cases of buying a rechargeable fan to use for a short time and then not charging or the indicator light is full. But after only a few minutes, it’s all due to buying a poor-quality fan and improperly charging the battery. Besides, in order to increase product prices and deceive buyers, these products are also ordered by stores with Vietnamese packaging from China and sold at many times higher prices. To ensure the most effective and durable use of electric fans, consumers when choosing to buy in addition to choosing large and reputable electronics stores and supermarkets must also pay attention to product brands and brands, see battery capacity. Do not choose a type of electric fan with too many functions because when used it will not achieve the desired effect. (According to Viet Q)

This time started in the summer, the demand for cooling devices increased, leading to a dizzying increase in electricity bills, so solar fan models were sold on the market. They are advertised, instead of running on electricity like conventional types, this type of fan operates entirely on solar power. Specifically, each solar fan will come with a solar panel to help absorb sunlight and produce electricity to maintain operation. Depending on the type of panel, when placed in the sun, the fan controller will charge the battery, which takes 4-6 hours. After the battery is fully charged, the fan will work for 6-10 hours continuously, even on rainy days without sunshine. In addition, users can use grid electricity to charge the battery for storage and use. Solar fans are causing fever in the market this summer Currently, on the market, these fans come from many places such as: China, Korea, Vietnam, … with very diverse prices, depending on size and function. In which, the lowest price is about 200,000-300,000 VND (mini fan), tree fan costs 800,000-2 million VND. Many fan lines are being discounted by 20-50% to attract buyers. For example, the 20W mini solar fan line is being discounted by up to 50%, from VND 830,000 to VND 417,000; mini fan 3.5W X9E is 40% off, from 510,000 VND to 306,000 VND; The Sunisi FT-30 fan model is priced at 1 million VND, 50% less than the original price of 2.1 million VND; Korichi KRC 6300 fan model reduced from 1.2 million VND to 890,000 VND; Jenpect 220V fan model has the original price of 1.3 million VND, down 34%, now only 850,000 VND,… According to the advertisement of the staff of household electrical stores, compared to traditional fans, solar fans have many advantages such as: no electricity costs, no fear of sudden power outages in hot summer days. Not only that, they are also very convenient when going on a picnic or camping trip; can directly charge other mobile devices such as phones, flashlights, … via USB port, which is very convenient. Moreover, long battery life 3-5 years of use, battery capacity up to 12,000 mAh, using time up to 8-12 hours. With “divine” functions, especially without consuming electricity, this type of solar fan immediately caused a fever in the market and was sought after by many people. Mr. Nguyen Hung – an employee of an electronics store in Ho Chi Minh City – said that at this point, the demand for cooling fans has begun to increase sharply, in which the solar fan line is the best-selling model. . As at the beginning of summer, his shop sold about 300 solar fans, at the peak of last year’s heat, he sold up to 800 units. Many fan models are having super cheap prices to attract buyers Similarly, Mr. Hoang Van Binh – an employee of an electrical appliance store in Thanh Xuan (Hanoi) – also said that in recent years, the price of electricity has tended to increase, people have the need to buy and use electricity. Use energy-saving appliances and take advantage of natural energy sources. Therefore, from May, customers looking to buy solar fans are busier. Currently, he only has 15 more fans to sell out. According to him, this type of fan is often suitable for low-rise houses, level 4 houses rather than high-rise buildings and apartments like in the city. Because the fan and solar panels are separate, it is necessary to choose a location to mount the panels to catch the sun (roof, rooftop, balcony, front yard, …) then connect to the fan set. Therefore, with high-rise buildings, moving equipment is quite difficult. But Binh also admitted, when it rains, the charging capacity of the fan will be poor, so in the prolonged rainy season solar fans will not be able to promote their full benefits. At that time, the fan can still be used by the grid as usual. Talk to PV. VietNamNet, Mr. Le Van Kien – a technical staff member of an electrical appliance store in Khuat Duy Tien (Thanh Xuan, Hanoi) – shared, when buying a solar fan, it is necessary to pay attention to the lifespan of the panels. The origin of the battery is unclear, poor quality will make the fan’s performance worse, the fan runs erratically, the lifespan is reduced, and it pollutes the environment. Moreover, the life of the battery is usually only 2-3 years, then it has to be replaced at a considerable cost. In addition, the capacity of the battery will determine the operating time of the fan, the battery is designed with a high capacity, the better the charge will be and vice versa. Limit the selection of multi-function rechargeable fans that are equipped with lights, alarms or clocks… because these features consume power from large batteries, making it easier for the battery to fail faster. Users should not be greedy, but buying low-quality fans will have many potential risks, so consider when choosing and need to choose to buy products of reputable brands and addresses.

Cheap electric fans sell full of network market On the online market, many electric fans are sold for cheap from 190,000 to 250,000 VND. Ms. HG (the owner of an online address that sells electric fans) said that this type of fan is being bought by a lot of people. Ms. HG also confirmed, customers are checked goods before payment. Electric fans for sale spread online market. Screenshots Not just online marketplaces, Cheap electric fans It is also offered for sale on e-commerce floors with prices around 200,000 VND. As described by the seller, the electrically charged fan has a very strong wind power. Accessories included with the fan include charging cord, manual, paper box. Ms. VA (Hai Ba Trung, Hanoi) shared: “In order to prevent the power outage, I ordered an electric fan on the internet market for 250,000 VND. However, it has only been used a few times, it failed”. Charged fans for sale on an e-commerce platform. Screenshots Meanwhile, Mr. KB (Long Bien, Hanoi) bought for more than 700,000 dong only used a broken season. In addition, many types of mini electric fans cost only a few tens of thousands of dong to 100,000 dong. This fan has a compact size, can be convenient to carry on the go. The mini-charged fans mostly use rechargeable batteries via USB or use AA batteries (rabbit batteries), allowing for easy charging and replacement. Risk warning specialist However, according to electrical experts, charged fans have a clear origin, strict quality control, and the risk of fire and explosion is very low, unless used incorrectly. With cheap products, rampant sale, the risk of low-quality electric fans, potentially many risks. Experts say that, in fact, there are many cases of buying an electric fan to use for a short time, the power is not charged or the indicator light is full, but only a few minutes, it is all due to buying poor quality fans and users. the charger is not used correctly. There are even cases where the fan suddenly explodes after 30 minutes of charging. Therefore, to ensure the most effective use of electric fans, consumers should buy at large and reputable electronics stores and supermarkets, but also pay attention to brands, product brands, and see battery capacity. regulations.