LG Dresden confirms the interest rate report of the consumer center and condemns Sparkasse

In its press release dated December 2nd, 2020, the Federal Financial Supervisory Authority (BaFin) again recommended that consumers have their premium savings contracts carefully checked. The background to the recommendation is that many older savings contracts contain interest rate adjustment clauses with which credit institutions could unilaterally change the guaranteed interest rate. These clauses are ineffective since the judgment of the Federal Court of Justice of February 17, 2004, Az: XI ZR 140/03.

The consumer advice centers have initiated model declaratory actions and offered an assessment with regard to the calculation of the additional interest payment. Often 4-5 digit amounts of back interest payments came out here. In my experience, all banks did not agree to an acceptable solution out of court and all procedures were compared at the latest in court.

The first court has now found a specific saver to be right, took over the calculation of the expert consulted by the consumer advice center and sentenced the savings bank to pay almost 11,000 euros in arrears (judgment of September 24, 2020, Az. 9 O ​​2203/19). The gat court confirms that the expert opinion obtained from Hink und Fischer Kredit Sachverektiven GbR, which used the moving average of the time series BBK01.WX426 to calculate the interest, is correct. Furthermore, the court found that the claims are not time barred.

You should therefore also have your savings contracts checked to ensure that

• whether you have such an ineffective interest rate adjustment clause – with recalculations, an average of approx. EUR 4000 per savings contract results in insufficiently calculated and credited interest!

You should also have it checked

• whether the declared terminations of the savings banks are effective. In a large number of cases, the examination will show that the termination is ineffective and that the savings banks will continue to receive interest-bearing premiums for years to come. In particular, rewritten contracts with a fixed term (often 99 years) are affected here.

Please send me your documents for review without obligation.

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