Volksbank Magdeburg eG products, services and reviews

About Volksbank Magdeburg eG

Volksbank Magdeburg eG is a regional cooperative bank based in Magdeburg and part of the Genossenschaftliche FinanzGruppe Volksbanken Raiffeisenbanken. Its portfolio covers retail and business banking, including current accounts with tiered models and published fees, savings and term deposits, consumer loans, mortgages, and building-society savings typically via Bausparkasse Schwäbisch Hall. Investment and securities services are available through cooperative partners such as Union Investment and entities within the DZ BANK Group; insurance products are distributed via R+V Versicherung. For corporate clients, the bank offers business accounts, working capital and investment financing, commercial real estate funding (often with DZ HYP and other group partners), leasing via VR Smart Finanz, merchant services and acquiring through VR Payment, and cash management with SEPA, EBICS, and optional instant payments. Access is provided through local branches in Magdeburg and the surrounding region, online banking and the VR BankingApp, and a service center; authentication commonly uses SecureGo plus and chipTAN/photoTAN procedures. Card products include girocard and Visa/Mastercard debit or credit options with contactless and mobile payment capability; cash withdrawals are available nationwide via the cooperative BankCard ServiceNetz ATM network. As a registered cooperative (eG), customers can become members by subscribing shares, with voting rights on a one-member-one-vote basis; any member distribution is subject to annual results and the general meeting’s resolution. Deposits are covered by the institutional protection scheme of the National Association of German Cooperative Banks (BVR); the legally recognized BVR Institutssicherung GmbH serves as the statutory deposit guarantee scheme, complemented by the additional voluntary BVR protection scheme. The institution is supervised by BaFin and the Deutsche Bundesbank; conditions, product availability, and interest rates are published by the bank and can change by segment and over time.