Sparkasse verdict: Millions of customers can expect fee refunds

Sparkasse verdict: Millions of customers can expect fee refunds

In recent years, banks and savings banks have regularly increased their fees, often without adequately informing customers or asking for their consent. The Federal Court of Justice has now decided that this approach is no longer acceptable and that consumers are entitled to a refund. Sparkasse Berlin in particular was the subject of a lawsuit by the Federal Association of Consumer Organizations because it had introduced or increased certain fees without obtaining the consent of its customers.

The Berlin Court of Appeal has ruled that Sparkasse Berlin's refusal to reimburse the excess amounts is unlawful. This means that customers are entitled to refunds as the price increases are ineffective. This ruling could potentially have far-reaching consequences for all banks and savings banks. The affected customers can claim their bank fees back using a sample letter from the consumer advice center. It is recommended that you review previous years' bank statements to determine which fees were in effect and when.

The ruling not only affects regional savings banks, Volksbanks and Landesbanken, but also larger institutions such as Postbank, Deutsche Bank, ING Diba and Commerzbank. These banks have increased their fees, some significantly, which include account management fees as well as costs for transfers, SMS-Tan and account statements. Customers should make sure that they can claim their money back after a legally binding ruling, especially for fee increases before January 1, 2018, as a statute of limitations applies to these.