Settling In 87be used in any teller machine with your PIN number for
cash withdrawal.
Personal Checks
Personal checks are non-existent. Instead, one can use
Eurocheques, which are also valid in bordering Mediterranean
countries. However, one must be extremely careful while
using these checks, as there is no section marked for the
payee. Once filled out, the checks are like cash. For this
reason, banks only issue ten at a time and charge a fee.
If stolen, report the loss immediately to the nearest police
station and then to your bank. If you do not, expect to be
held responsible for 10 per cent of the total amount.
Savings Accounts
Regular savings accounts, such as the simple savings book,
earn very little (1.5 per cent interest). Fixed deposits earn more,
the percentage increasing with the investment duration.
Anonymous Accounts
Anonymous savings accounts used to be extremely popular
because the owner had to declare only the interest earned for tax
purposes, and not the principal. In response to pressure by the
European Union and the Financial Action Task Force on Money
Laundering, Austria drew up legislation in 2000 bringing about
the end of the traditional anonymous accounts.Monthly Statements
You don’t have to wait for your monthly statement
(Kontoauszüge) to come by post. You can get a daily reading
from an account statement machine at your bank simply
by putting in your bankcard and waiting a few seconds (a
special ring binder to hold the statements is available from
the bank). Another benefit is that you can overdraw up to
twice your monthly income, if you request this facility. Be
careful as there is daily overdraft interest, charged on a
quarterly basis.