Monday, January 26, 2015

Savings plans: Court: Sparkasse must comply interest promise – Daily Mirror

Savings plans: Court: Sparkasse must comply interest promise – Daily Mirror

18:50 clock

thousands of customers Ulm Savings Bank can look forward to: Old savings contracts with high interest guarantees 25 years may not be terminated, a court ruled.

The Sparkasse Ulm must maintain high interest promise to their customers. The Institute should high interest savings contracts that it has sold between 1993 and 2005, do not cancel the Ulm district court ruled on Monday. The savings agreements have a term of 25 years and give customers bonus interest rates of up to 3.5 percent. For savers that is in the current low interest rate environment very attractive for the Sparkasse probably a pretty painful loss of business.

The Sparkasse Ulm wants to examine the verdict

The case has nationwide caused a stir.

He shows that in the basal and honest image that the savings banks cultivated, not much was happy to turn, criticized consumer advocates. Even the German Savings Banks and Giro Association (DSGV) they were not happy about the development in Ulm, finally heard contractual compliance from the perspective of DSGv “the brand essence of the savings banks”. The Sparkasse Ulm will consider the first instance judgment and then decide whether and how to further preceding said a spokesman for the money home. The aim is further to find a “reasonable solution” with their customers.

The Scala contracts rates rise gradually

The Savings Bank had between 1993 and 2005 22 000 Scala concluded treaties in which interest rates rise gradually. After 20 years, customers get in addition to the current rate, which currently stands close to zero, a premium of 3.5 percent. For the savings bank is exacerbated by some Scala customers who long einzahlten only 50 euros per month in the contract, their remittances have significantly increased -. The upper limit is 2500 euros per month

pulled Sparkasse 2013, the emergency brake and offered customers a contract to exchange

The Savings Bank drew 2013, the emergency brake and stated that it could no longer be responsible for the offer in this form. Offered its customers at them, to change into other contracts, followed by about 14 000 customers were getting – probably out of fear, otherwise to be worse in the end. About 4,000 savings accounts are already a problem for the bank because they either expire soon or bespart only low amounts. In the center of the dispute are still around 4000 Scala contracts. So far, the savings bank has canceled any of them. However, it is of the opinion that it would be entitled to it. On the other hand had a plaintiff who represents several savings banks customers, filed a declaratory action, which is now fully upheld the district court (Az 4 O 273/13.)

The court makes it clear. Low interest rates may no effect on savings contracts

The contract should not be terminated because of the now much lower interest rates,, the Court clarified. Also, according to the legal provisions for loan contract there is no right of termination. The district court forbade the Sparkasse Ulm also freeze the monthly savings rate of Scala contracts at current levels. The customer had – as once shown in the advertising flyer – the right at any time to increase the monthly savings rate up to 2500 € or lower up to 25 euros, told the court

The judgment signal to other depositors.

The competent prosecutor wanted to clarify the court and whether the bank can still terminate the contracts through a loophole by its own account. The judgment therefore sends a signal to other depositors. No answer it gave on Monday at the extent to which the savings bank has the thousands of customers who have made the switch to other contracts meet. Although it has been denounced anyone. For the institution, the judgments in favor of savers is, however, one way or expensive. rtr / dpa


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