According to the BGH ruling: Bank customers receive an average of 120 euros back

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In April the Federal Court of Justice ruled that banks had to repay excessive fees to their customers.

On average, consumers get back around 120 euros from the credit institutions, estimates the checking account expert Horst Biallo.

The expert advises consumers to approach the banks themselves and, if necessary, to seek the help of a lawyer.

In April, the Federal Court of Justice (BGH) passed a decision with serious consequences for banks. He condemned the Postbank to reimburse bank charges that the credit institution had wrongly charged. However, all banks that have increased their fees since the beginning of 2018 are affected by this ruling. The current account expert Horst Biallo explains what this means for consumers in an interview on the consumer portal “biallo.de”.

In total, the savings banks and banks must reimburse their customers at least 4.7 billion euros. About 98 percent of the banks are affected by the judgment, says Biallo in the interview. Only just under 30 banks would have left the prices the same, including a few Volksbanks and Raiffeisenbanks, while more than 1,200 banks would have significantly increased their fees.

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Customers should be happy. On average, everyone has a reimbursement claim of around 120 euros, estimates the checking account expert. There is also around 50 euros for increasing the monthly basic fee or making the Girocard more expensive.

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

At other credit institutions, the reimbursement is even higher. According to the analysis of the comparison portal, customers of Volksbank Mainspitze can get back up to 150 euros, at Kreissparkasse Ostalb even up to 225 euros are possible.

Biallo believes that the banks will not approach customers of their own accord. The expert advises consumers either to contact the banks themselves or to seek help from a lawyer.

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The post According to the BGH ruling: Bank customers receive an average of 120 euros back appeared first on Newsy Today.

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