Premium savings contracts: How to reclaim lost interest
If 4000 Euro is missing in the piggy bank: Many savers were disadvantaged by unauthorized interest rate adjustments in reward savings contracts. Affected parties should assert their claims at their bank.
In addition to interest, there was also a premium on top - who wouldn't wish for that on their savings? So-called reward savings contracts, which were sold in the hundreds of thousands to their customers by financial institutions, especially Sparkassen ("Savings", "Wealth Planning"), but also Volks- and Raiffeisenbanks ("Bonus Plan", "VRZukunft"), in the 90s and 00s, were supposed to offer this. However, what was not in order was: that the financial institutions were able to adjust the interest rates at will.
Consumer centers estimate that affected parties have on average lost 4000 Euro in interest over the years. Consumers who have such a contract are therefore well-advised to visit the consumer advice center of their nearest consumer center as soon as possible. There, they can have their claims calculated, if and when yes, how much money they have lost due to the unauthorized interest rate adjustments.
Consumer centers can help with enforcement
If this results in a claim, affected parties can demand the payment of the outstanding interest from their bank, says Michael Hummel from the Consumer Center Saxony. This applies to both those who still have the contract and to those whose contract was terminated after 2021 or whom they terminated themselves. Their claims have not yet expired. If a consumer protection association brings a pattern recognition action against reward savings contracts, their claims have been suspended in any case.
If there are problems with enforcement, consumer centers can help. If this remains unsuccessful, customers may have to sue.
What affected parties should not do: Accept unchecked comparison offers from their bank or savings bank, advises Hummel. "We had cases in counseling where the offers of the savings banks deviated significantly from our calculations," says the consumer advocate. Who accepts the offer has waived and possibly given away a lot of money under certain circumstances.
- Affected parties who have lost interest due to unauthorized rate adjustments in reward savings contracts should consider filing a claim with their savings banks, as advised by the Federal Court of Justice.
- Consumers who have visited consumer centers for advice on their reward savings contracts have on average discovered losses of around 4,000 Euro in interest.
- Savings banks and banks that have terminated reward savings contracts after 2021 or have had them terminated by their consumers still owe the outstanding interest, according to the Consumer Center Saxony.
- If consumers face difficulties enforcing the payment of their outstanding interest, consumer centers can provide assistance and guidance, or the consumers may need to file a lawsuit.
