BGH decides on interest adjustment for premium savings contracts - strengthened consumer rights
BGH decides on interest adjustment for premium savings contracts - strengthened consumer rights
The Federal Court of Justice (BGH) made a groundbreaking decision on July 9, 2024 with regard to premium savings contracts. The decision concerns the adaptation of interest in these contracts and brings clarity into many years of legal issues. So far, banks have had to pay interest to their customers due to poor clauses. The BGH has now set a reference interest rate that is to be used for the calculation of the interest. The Dr. Consumer Chancellery With this decision, Stoll & Sauer sees a strong strengthening of consumers' rights in terms of premium savings contracts. Affected consumers are encouraged to request additional payments from their banks or savings banks. The law firm offers free initial consultation by specialist lawyers for banking and capital market law in the online check.
premium savings contracts in the 1990s and 2000s were a popular opportunity to save assets. However, banks have often adapted the interest rates for premium payments one -sided in their favor. As early as 2004, this practice was classified by the BGH as illegal, but the exact method for calculating interest was not determined. Due to this unsafe situation, consumer advocates have submitted sample lawsuits against two savings banks who had premium savings contracts with customers. The current BGH judgment now enables numerous customers of savings banks and Volksbanks to hope for considerable additional payments. The focus of the procedure was on how interest in these contracts should be calculated. The BGH decided that interest on the average yields of listed federal securities should be determined from over 8 to 15 years.
The problem in many premium savings contracts was unclear clauses that granted banks too large scope when adjusting the interest rates. The BGH emphasized that such clauses are inadmissible and that the interest rate adjustments must be fair and comprehensible. Consumer protection organizations argued that interest rates were often adjusted too low, which led to significant losses for the savers. The BGH judgment supports this view and demands additional payments for the low-calculated interest. Another point of dispute was the choice of reference interest rate for the interest adjustments. The BGH decided that the circulation yields of listed federal securities with a long time should serve as the basis for the interest calculations to ensure fair and stable interest. The limitation period of the claims was also controversial. The BGH made it clear that the three -year limitation period only begins from the time when the saver gets knowledge of the ineffectiveness of the interest adjustment clause.
The BGH's judgment is a great success for consumers and will probably have far -reaching effects on future premium savings contracts. Affected savers should have their existing contracts checked and, if necessary, claim additional payments. The Dr. Consumer Chancellery Stoll & Sauer recommends a free initial consultation in the online check.
Here are some questions and answers on the topic of premium savings and the BGH procedure:
- What is a premium savings contract? A premium savings contract is a long -term savings contract offered by savings banks and Volksbanken. In addition to basic interest, the contract offers increasing premiums, depending on the term of the contract. These premiums can achieve up to 50 percent of the annual savings contribution after several years.
-What was the BGH judgment of July 9, 2024? The BGH judgment of July 9, 2024 dealt with the correct adjustment of interest in premium savings contracts. The BGH decided that interest rates should be based on the average return on listed federal securities in order to create a fair and transparent basis for calculation.
- Why did savings banks and folk banks to adapt interest? The savings banks and Volksbanken had often one -sided and adapted the interest rates in premium savings contracts. This practice was classified as illegal 20 years ago. The current BGH judgment now clarifies that interest rates have to be calculated according to the average return on listed federal securities in order to make the interest adjustments fairly and comprehensible.
-What effects does the BGH judgment have for the savers? Through the judgment, many savers can hope for significant additional payments, since interest rates have often been calculated too low in the past. Affected customers should have their premium savings contracts checked and claim additional payments.
- How can affected savers claim their claims? Affected savers should have their contracts checked by a specialized lawyer. You can request your bank or Sparkasse in writing to re-calculate interest since the start of the contract in accordance with the BGH requirements. If the bank rejects this, the savers can initiate legal steps to enforce their claims.
- What do savers have to consider in terms of limitation periods? The three -year limitation period begins from the time when the saver gets knowledge of the ineffectiveness of the interest adjustment clause. Those affected should act quickly so as not to lose their claims. It can make sense to agree with the bank a limitation of limitation until there is a final decision.
The law firm Dr. Stoll & Sauer is one of the leading consumer cards in Germany and specializes in banking and capital market law and the exhaust gas scandal. It offers free initial consultation in the online check.
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