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Court based on negative current account interest rate

DIE Consumer Advisory Center Frustrated in the legal battle of negative interest rates. The Leipzig District Court approved Sparkasse Vogtland, which hopes to introduce so-called custodial fees to new customers’ current accounts and changes to existing customers’ account models. Therefore, the court largely rejected the Saxon Consumer Organization’s lawsuit against the custody fee introduced by Sparkasse. Only for schoolchildren and student account models that promote the complete exemption of fees, the custody fee should not be charged (document number 05 O 640/20).

In principle, according to the court, Sparkasse can be used as a special service to charge a fee for the custody of funds in the new contract. Nor should it be overlooked that banks keep the European Central Bank’s funds by paying deposits at the European Central Bank. Check account “There has been a considerable economic burden.” The background of this procedure is that Sparkasse had previously planned to charge all new private current accounts with a deposit of 5,000 euros to a custodial fee of 0.7% from February 1, 2020.

The Consumer Center of Saxony was disappointed by the outcome of the lawsuit and announced an appeal to the High District Court. In a ruling earlier in 2018, the Tübingen District Court declared that if an account management fee (document number 7 K 2237/20) has been charged, the negative interest rate on current accounts of existing customers is inadmissible.

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