Fees judgment: Bafin demands fast implementation from banks

Released on 26. 10. 2021

  • Bafin relies on transparency for bank customers. Photo: Boris Roessler

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The Federal Financial Supervisory Authority (BaFin) has asked banks to treat their customers quickly and fairly when it comes to account fees. There was a BGH judgment on this in April.

Bonn (dpa) – The financial supervisory authority Bafin has asked banks to implement a Karlsruhe ruling to increase account fees quickly and fairly.

The Bonn authority announced on Tuesday that customers would have to be informed in an understandable manner about the consequences of the judgment and wrongly charged fees reimbursed.

In addition, the institutes would have to make provisions form. The judgment of the Federal Court of Justice affects almost every bank customer relationship, said Bafin boss Mark Branson. “This makes fast, unbureaucratic, transparent implementation all the more important.”

At the end of April, the Federal Court of Justice ruled that banks should give their customers’ consent to changes to general terms and conditions need to catch up. Financial institutions now have to subsequently ask for approval of the current fees. In addition, bank customers can reclaim fees that institutes have levied without explicit consent – according to Stiftung Warentest’s assessment, retrospectively until January 1st 2018.

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