Status: 07/08/2021 2:18 p.m.
Negative interest rates on current accounts for new and existing customers who change the account model are permitted according to a ruling by the Leipzig Regional Court. A lawsuit against the custody fees of the Sparkasse Vogtland was dismissed.
The Leipzig Regional Court has largely dismissed a lawsuit by the Saxony Consumer Center against negative interest rates for current accounts of Sparkasse Vogtland. According to the judgment, the introduction and specific design of a so-called custody fee was just as permissible for new customers as it was for existing customers who changed their account model. According to the judgment, no custody fee may be charged only for an account model for schoolchildren and students that is advertised with complete freedom from fees.
In principle, according to the judgment, the Sparkasse can demand a fee as a special service for the safekeeping of funds in new contracts – even if account management fees are already being charged for a current account. It should also not be disregarded that the banks incur “considerable financial burdens” by paying deposits at the European Central Bank (ECB) for the safekeeping of funds in the current accounts, according to the court. “Although the savings banks are oriented towards the common good, on the other hand they have to align themselves to market conditions and act economically.”
Consumer advocates announce appeal
In February 2020, the Sparkasse introduced short-term custody fees of 0.7 percent for new customers with more than 5,000 euros on their current account. After a short time, the Sparkasse waived the custody fee due to protests, but refused a cease and desist declaration requested by the Saxony Consumer Center.
The consumer advice center had relied on a court decision and was disappointed with the outcome of the proceedings. She announced an appeal against the judgment at the Higher Regional Court in Dresden and made it clear that she was ready to have the dispute finally decided by the Federal Court of Justice.
Negative interest increasingly popular – with banks
The negative interest rate is becoming more and more popular with banks: According to an evaluation by the comparison portal Verivox, 367 banks and savings banks are currently charging negative interest rates from their private customers. That is twice as many as six months ago. Other banks have tightened their regulations, for example by reducing tax exemptions.
Regional court Leipzig ruled negative interest rates for current accounts are permissible
Sven Knobloch, MDR, daily news 3 p.m., 8 July 2021
Banks and savings banks do not speak of negative interest rates, but of custody fees, which they justify with the interest rate policy of the European Central Bank (ECB). Since the ECB would charge the banks interest on their deposits, they would be forced to pass these costs on to the customers. They do this with custody fees by, as it were, charging fees for their service of custody of customer deposits.
Judgments from Tübingen
It is not the first legal battle on negative interest rates. In a ruling by the Tübingen Regional Court in January 2018 in a procedure by the Baden-Württemberg consumer center against Volksbank Reutlingen, it also concerned custody fees. Volksbank Reutlingen was not allowed to unilaterally introduce a negative interest rate retrospectively on existing investment contracts, the Tübingen Regional Court ruled at the time.
The Tübingen Regional Court also decided in another proceeding that negative interest rates for a current account, for which account management fees are already being charged, lead to an unreasonable disadvantage for the investor.