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The Sparda-Banks are eleven German cooperative banks which are consolidated in the Verband der Sparda-Banken e. V. (Union of Sparda-Banks). Traditionally they are specialized in the retail banking business. The eleven, legally independent banks operate according to the regional principle, which means that each bank is responsible for a set business area and accepts customers only from that area.
In 1969 the railroad savings banks were opened for staff of other public services and in 1974 for all employees (steady income in the salary account is expected). Since 1978 the banks uniformly call themselves Sparda-Banks.
In the center of its business activities is the Retail banking. Customers purchase at least one cooperative share (the amount and the maximum of available shares is determined individually by each bank in a statute) and are therefore, together with other customers, members and part owners of the bank. For the cooperative shares an annual dividend is paid (at the Sparda-Bank Süd-West currently 3%, at the Sparda-Bank Baden-Württemberg 3.5%).
Sparda-Banks are members in the National Association of German Cooperative Banks (BVR) and its protection scheme. Sparda-Banks are together with other banks part of CashPool. A few Sparda-Banks have agreements for a free of charge cash withdrawal at Postbank ATMs.
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