Munich cheers: Stadtsparkasse pays back thousands of high interest rates!

Munich cheers: Stadtsparkasse pays back thousands of high interest rates!

The Munich Stadtsparkasse has finally agreed with its customers on an agreement in an important dispute over premium savings contracts. As the tz.de 2005 premium savings contracts have concluded, subsequent interest additional payments. These payments are the result of a comparison that was achieved in the context of a sample procedure between the Stadtsparkasse and the Federal Association of the Consumer Center.

The contracts terminated by the bank in 2019 caused resentment among the savers that joined a class action lawsuit in 2021. The comparison now found, which was also approved by the Bavarian Supreme Regional Court, is considered a fair solution for everyone involved. He stipulates that the interest additional payments are an average of four -digit amounts per customer.

Details for additional payment

The amount of the interest additional payments varies, depending on the respective start of the contract and the saved credit. According to information from the yahoo finance , the percentage of the subsequent payment is between 0.85 and 8.15 percent. Customers are not obliged to become active in order to receive the additional payments; The court will inform the customers concerned directly.

However, the comparison is on the condition that less than 30 percent of those written out of the agreement. If this occurs, the procedure would continue. The costs for the city parking fund are estimated on a low single -digit million amount, which shows that the financial loss for the bank is significant.

legal background

The agreements and the legal disputes about the premium savings contracts are not new. Consumer advice centers have been filing lawsuits against savings banks for faulty interest calculations for years, since many older interest clauses that were used in contracts in the 1990s and 2000s were considered to be ineffective. The Federal Court of Justice for these clauses has had great relevance since 2001, since it has formulated requirements for effective interest clauses that promote the repayment of interest ( Consumer Center ).

Currently it remains to be seen how the final consumer will be the final consent. Even if the banks often argue with missing documents, the statutory retention obligation of 10 years is an essential point that benefits consumers.