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Savings banks have to pay back fees to millions of customers
Find out why banks and savings banks owe their customers money. Federal Court of Justice rules in favor of millions of consumers. Reimbursement of fees in prospect. #Banks #Sparkassen #FeesRefund
Savings banks have to pay back fees to millions of customers
In recent years, banks and savings banks have regularly increased their fees without fully informing their customers or obtaining their consent. The Federal Court of Justice has now decided that this approach is unlawful and that it must end. Millions of customers could receive a fee refund as a result of a lawsuit. Sparkasse Berlin was sued by the Federal Association of Consumer Organizations because it had introduced or increased fees without customer consent since 2016.
The Berlin Court of Appeal ruled that the additional amounts that customers paid due to the unlawful price increases must be reimbursed. This could have far-reaching consequences for all savings banks and banks and their customers. Although consumer advocates are pushing for a refund for the period before 2018, the court has decided that the statute of limitations applies here. Affected customers can demand their money back after a legally binding ruling.
In addition to regional savings banks, national banks such as Postbank, Deutsche Bank, ING Diba and Commerzbank are also affected by the court ruling. These institutions have increased their fees by up to 65 percent between 2018 and 2022 in terms of account management fees, transfer costs, SMS TAN or account statements. Customers who want to request a refund can do so using a sample letter from the consumer advice center. It is advisable to check the bank statements from previous years and determine the price list in effect at the time of opening the account.