Bank Fee Claims: How Long Do You Have to Get Your Money Back?
Application status of the scheme remains undisclosed by the Commission.
Ever found yourself shelling out un Lawful bank fees? Well, you're not alone! For years, banks and savings banks have been charging these sometimes illegal fees. After a BGH ruling four years ago, many customers reclaimed their hard-earned cash. But the question was: how long could they keep doing this? That mystery has now been finally unraveled!
In a recent ruling, the Federal Court of Justice (BGH) set a timeframe for bank customers to reclaim unlawfully charged account fees. The standard statute of limitations of three years kicks in from the end of the year when the claim arose. This means that the date when customers became aware of the clause's invalidity doesn't matter.
The BGH based its decision on a model declaratory action brought by the Federation of German Consumer Organisations against Berlin Savings Bank. Their general terms and conditions contained a so-called consent fiction clause. This clause implied that customers had agreed to changes in account fees if they didn't object within a specific timeframe. These clauses were common among many banks and savings banks, but the BGH ruled against this practice in April 2021. The judges determined that changes to bank's general terms and conditions (GTC) are invalid if they only become effective on the basis of implied consent.
Fighting for Your Money - Timely Considerations
Thanks to the previous decision, plenty of bank customers regained their overpaid fees. However, the question of when these claim deadlines would expire remained unclear. The consumer association aimed to establish in court that the statute of limitations of three years only begins when consumers became aware of the clause's invalidity - no earlier than the BGH's 2021 ruling.
Unfortunately, the BGH didn't follow this line of thought. Awareness of the consent fiction clause's invalidity by consumers isn't necessary to trigger the statute of limitations because there was never any legal uncertainty regarding the clause's effectiveness. Customers could have already filed a lawsuit before the fundamental BGH ruling in 2021, and it is the claims' inception that is crucial.
Source: ntv.de, awi/dpa
- Federal Court of Justice
- Banks
- Judgments
- Consumer Protection
- Savings Banks
- Consumer Associations
- Legal Questions
If you've found yourself saddled with unlawful bank fees, don't waste time! Act quickly to reclaim your cash before it's too late! Consult legal advice or check specific rulings from the BGH for accurate information. Money back in your pocket - it's your right!
- With the recent ruling from the Federal Court of Justice (BGH), vocational training opportunities for those in the business and finance sector could be on the rise, as they may now have additional funds to invest in skill development through vocational training programs.
- As a member of the community, ensuring adherence to fair banking practices is crucial. This includes understanding the community policy on bank fees and timely claims for unlawfully charged amounts, further promoting financial sustainability and business growth within the community.
