Photo: iStock
Until the end of the year all fees of the last ten years can be reclaimed
The Federal Court has ruled: The loan processing fee is illegal. Therefore, until the end of the year all fees of the last ten years can be reclaimed.
For years, German banks have been demanding credit processing fees from their customers. However, a ruling by the Federal Court this year declared the charges unlawful. Between 2005 and 2013 alone, banks and credit institutions have claimed an estimated € 13 billion in unlawful fees.
The Federal Court has ruled that the processing of a loan is not a separate service and thus the customer may not be charged additionally. Finally, it is in the interest of the bank, if the solvency of the customer is checked and the conclusion of the loan agreement is prepared. However, the bank is entitled to interest for the settlement and conclusion of the contract.
Now banks are required to repay these funds to their clients. Of course, they do not do that. The customers have to reclaim their money by means of an application . In hard cases, however, it should be adjusted to the fact that possibly a lawyer must be turned on. However, most banks comply with the demands of their customers without contradiction.
However, Stiftung Warentest advises all bank customers to be in a hurry now. Because only until the end of this year, all loan processing fees that have been collected in the last ten years can be reclaimed. By the end of 2014, all fees paid until the end of 2011 become statute-barred. This could cost many customers money that they rightfully deserve. By the end of 2015, reimbursement of the fees paid in 2012 may be applied for.
If the savings bank does not respond in time to the request, it should try to stop the statute of limitations. In this case, a lawyer must be involved or contacted by the Ombudsman (impartial arbitrator) responsible for the respective bank.
More detailed information as well as a number of sample letters that can be sent to the banks can be found on the corresponding page of Stiftung Warentest.
