Economy & Politics

Consumer center in Stuttgart sued Sparkasse Munich

Customers with long-term premium savings contracts are said to have received far too little interest. Photo: dpa / Jens Wolf

The Baden-Württemberg consumer center is suing the Munich Sparkasse. The company is accused of failing to pay customers with long-term premium savings contracts over EUR 4,600 interest.

Stuttgart / Munich – The Baden-Württemberg consumer center is suing the Munich Sparkasse for a dispute over interest. The Swabian consumer advocates accuse the municipal company of paying customers with long-term premium savings contracts less than EUR 4,600 in interest. The consumer advice center had therefore asked the largest Bavarian savings bank to refrain from doing so, but refused to do so.

The dispute concerns old premium savings contracts that were concluded between 1994 and 2004 at the then high interest rates of between 2.5 and 4.25 percent. The consumer advice center accuses the Sparkasse of having subsequently lowered this interest independently with the help of a so-called interest adjustment clause. “By using illegal clauses, customers are deprived of their interest,” said Niels Nauhauser of the Baden-Württemberg consumer center in Stuttgart on Friday. In similar cases, these clauses have been prohibited by several courts up to the Federal Court of Justice, according to the consumer advice center.

The Sparkasse rejected the allegations as “not applicable”. The clauses contested by the courts had not been implemented in Munich since 2005. The interest calculation for the premium savings contracts concluded before 2005 was carried out as part of a “supplementary contract interpretation”. “Here, the mutual interests of the contracting parties are adequately taken into account,” said a spokesman.


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