According to BGH’s decision: Bank customers get back 120 euros on average

According to BGH's decision: Bank customers get back 120 euros on average

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  • In April the Federal Court of Justice ruled that banks must pay exorbitant fees to their customers.
  • On average, consumers get about 120 euros back from credit institutions, checking account expert Horst Biallo estimates.
  • The expert advises the consumers to approach the banks and, if necessary, seek the help of a lawyer.

In April, the Federal Court of Justice (BGH) passed a decision with dire consequences for banks. He denounced Postbank for reimbursing bank charges that the credit institution had wrongly alleged. However, all banks that have raised fees since the beginning of 2018 are affected by the decision. What this means for consumers in an interview on current account expert Horst Biallo consumer portal biallo.de.

Therefore Insagesamt must reimburse savings banks and banks at least EUR 4.7 billion to their customers. Biallo said in the interview that about 98 percent of banks are affected by the decision. Only less than 30 financial houses would have left the prices the same – some including Volksbank and Riefenbank, while more than 1,200 banks would have raised their fees significantly.

Customers should be happy. Checking account experts estimate that on average, everyone has a reimbursement claim of around €120. There is also about 50 euros to increase the monthly origination fee or to increase the cost of the Giro card.

Biallo cites the following example: Commerzbank has increased paper transfers and cash deposits and withdrawals by one euro. “Something comes together quickly, depending on the number of settlements per month,” says Biallo in the interview. In individual cases, it can be 100 euros per year or more.

In other credit institutions, the reimbursement is even higher. According to the analysis of the comparison portal, Volksbank Mainspitz customers can get back up to 150 euros, at Kreisparkse Ostalub it is also possible up to 225 euros.

Biallo believes that banks will not approach customers on their own. Experts advise consumers to either approach the banks themselves or take the help of a lawyer.

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