Lucrative for customers: Premium savings contracts from the 1990s are becoming too expensive for savings banks.
Image: dpa
Premium savings contracts have been top sellers for years. Now they are becoming too expensive for the money houses and they want to get rid of them. Customers should look carefully at their contracts.
GReports and arbitration boards have been dealing with them for many years – premium savings contracts, which were mainly sold by savings banks, but also by cooperative banks in the 1990s and around the turn of the millennium. Customers wanted to make provisions for old age. The main point of contention is the calculation of interest, it is also about the terms and the termination of contracts. There are several model declaratory actions by the consumer advice centers.
The repayment claims are now in the billions. Most recently, the Federal Court of Justice continued the saver-friendly case law in January. After that, customers are entitled to additional payments because interest rates were not adjusted correctly. However, there is still no clarity about the height. According to consumer advocates, a decision on which reference interest rate should be used as a basis is not expected until the beginning of next year.
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