Status: 11/15/2022 4:51 p.m
There are almost 24 million home savings contracts in Germany, which means one for every second household. But which fees or flat rates for savers are legitimate? The Federal Court of Justice has decided.
What account fees are permitted for the building savings account? The Federal Court of Justice had already made a decision on this in 2017. In the second phase of home savings, the so-called loan phase – i.e. when the saver has saved enough and can access the loan – no fees are allowed.
The main argument at the time: money for the mere administration of building loan contracts did not have to be paid. The Federal Association of Consumer Centers believes: Exactly the same must also apply to phase one of home savings, for the so-called savings phase. The consumer advocates sued the BHW building society for a fee of twelve euros and were right in the lower courts.
Account management is the responsibility of the provider
Their argument: account management is an internal matter for the building societies and not a main service of the building society contract. When it comes to home savings, it is primarily about the interest-bearing savings and the loan: “The actions that are required to grant this loan in advance cannot be priced separately,” explains lawyer Peter Wassermann.
“The saver already has to pay a transaction fee. And during the savings phase, he receives relatively low interest on his savings balance, so that an additional fee cannot be demanded for the services of the building society.” Additional account fees would place savers at an unreasonable disadvantage, according to consumer advocates.
Nationwide Impact
The highest German civil court agreed with them today and tipped the account fee. The Banking Senate of the BGH emphasizes: With an annual account fee, costs for administrative activities would be passed on to home savers. However, building societies are legally obliged to manage their accounts. The verdict is expected to have nationwide effects: many savers could claim reimbursement.
Az.: XI ZR 551/21
Account fee for building savings contracts
Max Bauer, SWR, 11/15/2022 3:26 p.m