With your pattern declaratory action against the Leipzig savings Bank has received the consumer (VZ) of Saxony, recently right. The Oberlandesgericht Dresden (higher regional court) ruled that in the case of contracts for the "S-save Premiums flexible", the 1994 interest rate of four percent was too low. The pattern declaratory action joined by over 1000 customers, relates only to the Sparkasse Leipzig. According to VZ Saxony savers have escaped the average is around 3100 Euro.

consumer organisations want clarity

not, However, the higher regional court judge, as the interest rates are to be calculated in the premium saving contracts properly. The legal dispute over its individual claim must lead the customer later. Therefore, the VZ Saxony will go to the Federal court of justice (BGH) in Revision. "We want to create full clarity for savers," says Michael Hummel, a legal expert in the VZ of Saxony, and his project. "Every consumer should be able to calculate their own claims to the last Cent." A Supreme court ruling in favor of the customer would also have a signalling effect on the industry as a whole and could lead to enormous demands in the whole of Germany.

1. What is the dispute?

Many banks and savings banks have advertised savers with long-term interest promise. In savings contracts or Riester Bank savings plans, you have used illegal clauses, the interest rates adjust. In addition, the interest rates were changed regularly according to the below. As a result, the customers get in the payment, too little money, because they were credited as individual years of low interest rates. The majority of Bank customers of this rip-off is yet not known; because nationwide consumer centers only around 5000 long-term savings have reviewed contracts. The savers have received, on average, around 4000 Euro interest rates too little. The highest claim on a subsequent claim is 78.000 Euro. Everything you know about your pension

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2. What contracts are affected?

long-term savings contracts with a variable interest rate, which were completed mainly in the 1990s and 2000s are Affected predominantly. The disputed contracts often have a higher bonus payment and a variable basic interest rate, the annual balance is paid. The basic interest rate is tied to a reference interest rate that reflects the market development.

you mean, for example: the "bonus plan", "premium savings flexible," "pension plus", "precautionary saving", "wealth plan" or "pension plan". Some of the saving contracts were also sold with "Riester" -promotion. On the website of the consumer centre Baden-Württemberg, you will find a list with approximately 150 banks that have used illegal clauses.

3. Why are the defects until now?

One of the reasons why the consumer advocates have to deal for some time intensively with the calculation of interest, the dismissal wave of premium savings contracts with the savings banks. Nationwide, well over 100 of these money houses have now terminated for the customer attractive for the credit institutions, however, quite expensive-saving contracts. According to a BGH judgment of 14. May 2019 may terminate the savings banks, the savings contracts after Reaching the highest bonus level (case XI ZR 345/18).

4. What is in the contracts is not correct?

The consumer organizations criticize that in many savings contracts, it is unclear what criteria the interest rate cut and whether or not this is legitimate. In the clauses, for example: "The saving of a variable contribution, with 3 percent interest" or "The savings Bank pays in addition to the applicable interest rate at the end of the calendar year an interest-bearing premium." It is not clear, but the manner in which the interest of the market development will be adjusted.

in Addition, consumers complain about guards, that in many contracts is not transparent as to exactly how the interest rate changed. From their point of view, the interest rate adjustment clauses are, therefore, in many cases, illegal. In addition, savings will also be argued in the case of Riester contracts relating to the correct calculation of interest.

Vague clauses have to be replaced

by Contrast, the case-law of the BGHs looks unclear interest rate adjustment clauses is critical and has already explained some of the variants are null and void. Such clauses have prevented the consumer Central in the past few years, The Sparkasse Frankfurt/Main in September 2017, a Declaration to cease and desist, the Sparkasse Lörrach-Rheinfelden, in October 2017. A vague clause in the contract is invalid, you must agree to the contractual partners a new, legally valid. Such a practice is remained by the savings banks in many of the contracts negotiated.

interest unit shall be calculated to

in addition to unlawful clauses, the consumer will keep Central the interest calculated too low. At the beginning of the contracts often set an interest rate, which showed a difference to the market interest rate of the Bundesbank. This distance must be the same over the entire runtime of the same size. In addition, it is necessary that the savings banks to select as a Reference rate for long-term savings deposits. Due to such differences, the VZ Saxony savings contracts of this type has been analyzed for 2019 with the help of law firms on a random basis. She has found that many savings banks have adjusted their interest rates for years, with errors, and received customer thus little interest. Content check: The gross-to-net calculator 2020, much net is left for them by the gross

5. What sums are involved?

The VZ Bavaria expects to samples of around 600 savings contracts with an interest deficit of 700 million euros in the state. Alone for the city savings Bank of Munich it amounted to more than EUR 130 million. There are also savings banks and money institutions are affected in other States, could amount to the loss of interest payment of several billion euros.

6. What the savings banks say?

Want to ask affected customers of the savings banks, as their interest rates have been adjusted in the past few years, they often get hard-to-understand information that you cannot verify. In addition, it is obvious that the banks have used in the calculation of different criteria. "You claim to have done everything right, which is why the customer no subsequent interest was entitled," complains Andrea Heyer of the consumer advice centre of Saxony.

Joachim Fröhler, press spokesman of the city savings Bank of Munich, is unaware of any wrongdoing. "We have calculated the interest on the terminated premium savings contracts correctly in accordance with the existing requirements." The German savings banks and Giro Association (DSGV), however, judicial clarification is needed: "In the interest calculation of premiums saving contracts between consumer associations and individual banks have different legal positions. They are subjected to at the time of a judicial review.“ Only after a final judgment is fixed, the position was lawful to do so, argues the DSGV.

7. How can you defend yourself customers?

do you Have a savings contract, at the variable interest rate in the past few years, tiny has become, you can let him out of the VZ Bavaria or Saxony check. For 85 Euro, its interest is attributed to the adjustment by a credit expert tracked. To do this, you must submit copies of savings contracts or savings accounts, including all Changes. The calculations are summarized in a legal opinion with explanatory notes for the customer. So that you can make your interest rate claims against the savings Bank or another financial institution claims.

reference of the Sparkasse, the request

Also, if the Bank is relying on a Statute of limitations, you should not get rid of. This occurs at the earliest three years after the end of the savings contract. The financial institution rejects your claim, you can contact an Ombudsman. This will attempt to resolve your dispute with the Bank. Does not lead to an acceptable result, only the aisle in front of the court. Since this failure is only since 2019 was revealed, that there are only a few cases where clients have filed a lawsuit. Most of the Injured are currently in negotiations with the concerned Bank. However, all financial institutions, the compromise does not show long-ready "Some of the demands of the customers, others reject it flatly", has observed Heyer. Some have turned to the Ombudsman.

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Date Of Update: 30 May 2020, 05:26