Franz Vogl from Munich wanted to make provisions for his wife and for old age. He opted for a savings contract from Stadtsparkasse München. The offer: premium savings. Interest plus an annual premium for the money deposited. The longer you save, the higher the bonus payment will be. In 2019 Vogl achieved the maximum premium rate: 50 percent of the annual savings amount extra. But shortly after he had reached the maximum premium rate, the Stadtsparkasse München gave him notice.
Consumer advice center: received too little interest for years
The early termination disappointed Vogl. But what followed then even shook his confidence. Vogl has his premium savings contract checked by the consumer advice center. The bank is said to have paid Vogl too little over 8,000 euros.
Not an isolated case: More and more savers are contacting consumer advocates and want to have their contracts recalculated. The experts who specialize in financial products come to the conclusion that the savings banks have paid the savings of hundreds of thousands of people in Bavaria too low interest – in some cases for decades. The crux of the premium contracts is the question of how the Sparkasse can adjust the individual customer interest rate to a reference interest rate.
“The problem with the interest calculations is that the savings banks work without an effective interest adjustment clause. This means that they have unilaterally determined how to (…) adjust and calculate the interest. That is not permitted, that’s how we see it. The consumers would have taken them along individually That should have been agreed and that did not happen. ” Sascha Straub, Bavarian Consumer Center
Which contracts are affected?
In Bavaria alone, over 40 savings banks have prematurely terminated such premium savings contracts. Hundreds of thousands of savers are affected. “Many premium savings contracts and Riester bank savings plans from banks and savings banks contain inadmissible clauses to adjust interest rates,” says the consumer advice center.
The contracts are savings contracts or Riester bank savings plans that are sold under various names by savings banks, Volks- and Raiffeisen banks and private banks. Long-term savings contracts with variable interest rates – concluded in the 1990s and 2000s – are also mainly affected.
Lawsuit against the Sparkasse – Statute of limitations clarified
Franz Vogl hires a lawyer. Thomas Storch is an expert in investor protection. Before the Munich Regional Court, he fights for the Sparkasse to have to pay additional interest. “I estimate the chances very well. Because one issue has now been clarified before the regional court in Munich: the statute of limitations. That one can still assert claims in full even after a term of 10 or 15 years. That is the most important thing first.” says the lawyer.
Trial postponed
The Munich Regional Court postponed the hearing that should have taken place this week because of Corona. But more / worth in a comparable case is a judgment of the Dresden Regional Court from September 24th, 2020. It says: “The full premium, which established the main advantage of the product at issue, should not be received by the claimant until after 15 years. It is therefore appropriate to use a reference interest rate for long-term investments.”
Sparkasse rejects allegations
Reporters of the BR-Show mehr / Wert confront some savings banks in Bavaria with the allegations – ask them for an opinion. They don’t make statements in front of the camera. Stadtsparkasse München only replies in writing: “The view (…), according to which (…) our company charged interest rates that were too low for S-premium savings contracts-flexible (…) in the past, is inaccurate.”
Customers lose trust
Franz Vogl doesn’t want to rely on that. He has always trusted the Sparkasse and its financial products. But this trust is no longer there. “I wouldn’t conclude anything with the Stadtsparkasse at the moment,” says Vogl. He demands the entire 8,000 euros from the Stadtsparkasse Munich and is eagerly awaiting the court ruling.
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