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Premium savings contracts: financial supervision Bafin warns savers of banking tricks

2020-12-03T03:50:29.573Z


The Bafin takes action against banks that want to push customers out of premium savings contracts. The financial regulator recommends that savers take action themselves.


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Premium savings contracts are usually expensive for banks given the low interest rates

Photo: Bildagentur-online / HRI-McPhoto / picture alliance

The German financial supervisory authority Bafin has called on bank customers to review their premium savings contracts.

Many older contracts contained interest rate adjustment clauses that banks could use to unilaterally change the guaranteed interest rate.

However, according to the Federal Court of Justice (BGH), these clauses have been ineffective since 2004.

"It is important that the savers concerned now actively approach their institutes and get an explanation of which clause their contract contains," said Bafin Vice President Elisabeth Roegele, according to a statement.

The next step must be to check whether this clause is legally compliant.

The Bafin threatens the banks with consequences.

Administrative options would be examined.

Particularly affected are long-term variable-interest savings contracts from 2004 and earlier.

Bafin advises going to a lawyer if necessary

With premium savings contracts, customers receive a premium in addition to interest, which is usually staggered according to the term of the contract.

In view of the low interest rates for years, these contracts are expensive for banks and savings banks.

You are therefore trying to adapt them or cancel them.

In order to assert any civil law claims or to at least interrupt the statute of limitations in some cases, Roegele advises contacting a consumer advice center or a lawyer if necessary.

Bafin had already asked banks in February 2020 to approach the long-term customers affected and offer them a solution.

However, this request has not been fruitful.

A round table that the Bafin convened on the subject of premium savings at the end of November 2020, among others with the associations of the banking industry and consumer protection organizations, unfortunately did not bring any customer-friendly solutions, the authority announced.

Therefore, she is now examining concrete steps against the banks.

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apr / Reuters

Source: spiegel

All business articles on 2020-12-03

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