Payback Time: BGH Reveals Deadline for Demanding Refunds on Unlawful Bank Fees
Application Status Remains Unknown for Commission Regarding Scheme in Question
Sick of those illegal bank fees? Well, good news (sort of): the Federal Court of Justice (BGH) has announced the time limit for filing a claim to get your money back! Here's a lowdown on the latest BGH ruling and how it affects you.
Retrospective Ruling Clears the Air
For long, banks and savings banks have been levying sometimes unlawful fees. After the BGH's landmark ruling in 2017, many customers managed to reclaim their hard-earned cash. However, there was a question floating around: how long do customers have to claim their money back? Now, that question has been put to rest by the BGH.
The BGH made its decision following a lawsuit brought by the Federation of Consumer Centres against Berlin Sparkasse. The Sparkasse's general terms and conditions were adorned with a so-called consent fiction clause. In simple terms, if customers didn't object within a specific period, they were assumed to have agreed to changes in account fees. But the BGH nixed this practice in its April 2021 ruling, deeming such clauses admissible.
No Hard Feelings, Just the Law
The Consumer Association argued that the limitation period of three years only kicks in when consumers become aware of the clause's invalidity - at least from 2021. But the BGH decided differently. Consumers' knowledge of the invalidity of the consent fiction clause is not necessary to trigger the limitation period. As there was no legal uncertainty about the effectiveness of these clauses, customers could have filed a lawsuit even before the BGH's groundbreaking ruling in 2021. Instead, what matters is when the claims arose.
So, if you've been hit with unlawful account fees and are wondering "is it too late?", fear not! The three-year window to reclaim your money is still open. Hop on the ball and get filing that claim before time runs out!
Source(s): ntv.de, awi/dpa
- Consumer Protection
- Federal Court of Justice
- Bank Fees
- Judgments
- Consumer Centres
- Legal Questions
- Savings Banks
- Banks
In light of the recent ruling by the Federal Court of Justice, individuals who have incurred unlawful account fees from banks or savings banks can still claim refunds within the three-year window from when the claims arose. To take advantage of this, consider seeking vocational training in legal procedures to better handle your finance matters and assert your rights in the business world, as part of the community policy.
