Score a Windfall: No More Early Repayment Fees for Savings Bank Customers
Sparkasse does not require upfront payment for contracts; contract terms fail to adequately stipulate this requirement
Got a bone to pick with your savings bank? The Federal Court of Justice might just be on your side! In a landmark decision, they've declared a common clause in real estate loans from savings banks inadequate, meaning customers who've sold their financed properties can get their early repayment fees back.
When you bid adieu to a property financed by a running interest rate tie, you're often slapped with an early repayment charge. This fee is supposed to offset the bank's lost profits if they can't reinvest the money as profitably as in the terminated construction financing. But, to collect this fee, banks must properly inform you about the charge's calculation, a hurdle many banks are tripping over.
The Federal Court of Justice (Az.: XI ZR 22/24) has laid down the law, finding a savings bank's clause regarding the early repayment charge insufficient. Result? The bank must refund the charged 7,600 euros to the customer. The decision's significance lies in its widespread applicability, since most German savings banks use identical loan agreement templates. If you financed a property with a savings bank between 2016 and 2020, paid an early repayment charge, and sold the property after 2021, you've got a strong chance of getting that money back. In older cases, the specifics may vary.
This decision marks another instance of the Federal Court of Justice standing up to banks when it comes to premature termination of mortgage loans. Not only savings banks but also Volksbanks, Raiffeisenbanks, Sparda- and PSD-banks, along with Commerzbank, could be affected by this ruling.
In the past, judgments against Commerzbank and another bank affiliated with the cooperative association have been passed. So, if you've taken out a real estate loan with any of these banks since 2016, sold the financed property before the interest rate tie's end, and paid an early repayment charge, you may qualify for a refund.
Consumers interested in possibly reclaiming an early repayment charge should seek expert advice to determine if the mentioned judgments apply to them. Offices such as the Interessengemeinschaft Widerruf, which assists with enforcing consumer rights in financial matters and is supported by specialized lawyers, offer free, no-obligation checks.
Remember, every case is different, and seeking reliable legal guidance is crucial. But, with this verdict, banking customers just might find themselves with a hefty refund in their hands!
(First published on Wednesday, June 18, 2025.)
Source: ntv.de
- Early Repayment Fees
- Savings Banks
- Real Estate Financing
- Court Rulings
- Commerzbank
- Volksbanks
- Raiffeisenbanks
- Sparda- and PSD-banks
- Legal Issues
- Consumer Protection
- Class Actions
In light of the latest court ruling by the Federal Court of Justice (Az.: XI ZR 22/24), many German banks, including savings banks, Volksbanks, Raiffeisenbanks, Sparda- and PSD-banks, and Commerzbank, may be required to return early repayment fees collected from customers who sold properties financed with real estate loans between 2016 and 2020. To determine eligibility for a refund, consumers should seek expert advice from consumer protection offices like the Interessengemeinschaft Widerruf, which provides free, no-obligation checks. This decision marks a significant win for consumer protection in personal-finance and business sectors.
