Frankfurt In the dispute over the correct interest rate on savings contracts, consumer advocates are increasing the pressure on the German savings banks. The citizens’ movement Finanzwende, the consumer advice center in Saxony and the consumer portal Finanztip are jointly calling on the public credit institutions to “pay back interest that has been withheld”. Finanztip editor-in-chief Hermann-Josef Tenhagen criticized on Friday that the savings banks acted “dishonestly, non-transparently and unfairly” towards their own customers.
The core of the criticism from Finanztip, Finanzwende and Verbraucherzentrale is that the savings banks are not paying any additional interest, despite the request from the financial regulator Bafin and despite the first court rulings. They also complain that the money houses did not react even after the judgments of the Federal Court of Justice (BGH).
“How many more judgments from the highest court will it take before the savings banks start moving instead of constantly playing poker on the statute of limitations for claims?” said Tenhagen. According to Andrea Heyer from the consumer advice center in Saxony, many consumers, many of whom are older, feel “powerless” and are disappointed.
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