Revolution at the Stadtsparkasse: 2,400 customers receive interest back!
Revolution at the Stadtsparkasse: 2,400 customers receive interest back!
München, Deutschland - The Stadtsparkasse Munich has agreed to make additional payments to around 2,400 customers who are affected by faulty interest clauses in their premium savings contracts. These contracts were concluded between 1994 and 2005 and terminated by the bank in 2019. The year -long legal dispute, which followed, now ended with a comparison that was confirmed by the Bavarian Supreme Regional Court. According to muenchen.t-online.de
The additional payments that are between 0.85 and 8.15 percent of the credit saved at the time of the contract follow follow a decision by the Federal Court of Justice (BGH), which has finally confirmed a reference interest for the subsequent calculation of the interest. This decision refers to the ineffective interest clauses, which can be found in many premium savings contracts. ZDF reports that the reference interest rate is based on the circulating yield of listed federal bonds and that the interest rate automatically defined by the banks are illegal.
Details on the additional payments
The total amount that the Stadtsparkasse Munich has to apply for the additional payments is in the lower single -digit million range. However, customers do not have to be active because the court will announce the comparison in the coming days. In order to start the payment, less than 30 percent of the customers concerned may vote against the comparison. Once published in the complaint register of the Federal Office of Justice, the payments can begin.
Consumer advice centers had previously appealed to request another calculation method, but this was rejected by the BGH. The BGH judgment was welcomed by the BAFIN financial supervision as an important step for consumer protection. This judgment not only has an impact on the Stadtsparkasse, but could also apply to other savings banks that offer similar contracts.
legal context and effects
The legal disputes about the clauses in prize savings contracts also have an impact on consumers. According to consumer center Circumstances can be asserted by the end of 2024 before they become statute -barred.
Consumers who have not agreed to complain about their possibilities to ensure that they do not lose their money. Banks sometimes tend to argue with missing documents, but the proof of the statutory retention obligation of ten years is subject.
Overall, more than 18 model declaratory action was submitted in this matter, and over half of the customers concerned have already achieved comparisons with their banks. Consumer associations expects many customers to receive high additional payments, which in many cases could be several thousand euros.
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| Ort | München, Deutschland |
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