A few years ago, Postbank used the advertising slogan: "The Postbank current account offers you everything you expect of a modern current account." For example, flexibility when withdrawing money, internet-based account management and a fair overdraft limit. All things that bank customers now take for granted, but have only been features of the Postbank current account for around 10 years. The account can look back on over 90 years of history.
It began in 1876, when the Postmaster-General, Stephan, proposed the introduction of postal transfer and cheque payment transactions in the Reichspost area. However, his efforts were unsuccessful.
Austria won over by credit transfer
The Austrians made their minds up much more quickly: They were looking for a new way of generating income for the state. The postal savings bank service introduced in 1883 incurred high costs, with its high proportion of less well-off savers, and raised negligible revenues. By 1884, cheque payment transactions had therefore become an established retail banking method: every post office savings account book holder could transfer money and receive credit nationally. The introduction of cheque payment transactions became a revolutionary achievement for the Austrian economy
German economy insists on cheque payment transactions
In 1899 the German government wanted to strengthen the working capital of the Reich and restrict demand for banknotes. It intended to make postal transfer and cheque payment transactions accessible to large sectors of the population. However, no agreement was reached, as the Reichstag was afraid of competition for the existing financial institutions. Despite this, the German government persisted with its plan. The press, business and industry insisted on implementation. In 1908, the German government submitted a modified proposal, which the Reichstag accepted .
Farewell to snobbery – post office offers accounts for everyone
Postal cheque transactions based on the Austrian model came into being in the German Reich on January 1, 1909: thirteen postal giro offices started their work. Success was just around the corner. By 1916, the Berlin postal giro office was already processing 39 million entries per year. In contrast to other institutions, the post office did not only serve selected, financially strong customers. It also implemented smaller payments for all kinds of customer.
The first typewriters are a godsend
It became almost impossible to cope with the increasing quantities of orders without the aid of machines. For this reason, the post office workers ordered typewriters, calculators and accounting machines – then brand new and only tried out in America. In addition, letter sealing and stamping machines, pneumatic dispatch systems and paternosters helped to accelerate mail distribution.
It soon became clear how valuable the infrastructure was to post office workers. Accordingly, the branches were not only used for in-house services. They also served as the only places where disability and old-age pensions were paid out. This lasted right up to the 1950s and 60s, until cashless payment transactions were introduced on a wide scale.
Now it's time to roll our sleeves up: the reconstruction
The events of the war also affected the postal cheque service. It completely collapsed in 1945. It was some time before work could be resumed in the heavily damaged buildings. The post office giro account was also renovated along with the buildings: new services were added to the previously slim range, and automation arrived:
1950 The standing order is introduced
1951 Transfer outside Germany becomes possible again
1955 Start of automation
1967 Printing of automation-compatible forms with the OCRA font
1969 It is now possible to withdraw money at the post office:
the postal cheque method is born
1969 Regulations on postal cheques approve electronic data processing:
customers can also use electronic data carriers in addition to forms
1983 Postbank customers can transfer money via videotext
What was good enough for the "user" is no longer sufficient for the "customer"
What was once enough for the former "postal cheque participant" has long since ceased to suffice modern "Postbank customers". Their demands have increased, and therefore the bank's product range has too. All attributes of a modern giro account are more recent:
- 1991 The overdraft limit gives flexibility to giro customers
- 1992 Postbank offers its first own-issue credit card
- 1993 New at Postbank: telephone service
- 1995 Postbank and other banks introduce the electronic purse
- 1998 Cost-free current account at Postbank:
Postbank manages the account free of charge if at least DM 2000/ EUR 1000 is paid in per month
- 1998 Transfers now also possible on the internet
- 2001 Postbank joins Cash Group:
Customers can withdraw cash free of charge at 7,600 cashpoints
This development towards increasing levels of service and convenience will continue. The future will bring new communication opportunities that Postbank will consistently utilise. It – and its current account – will always be available to its customers in any way they require.
