US EditionJudgment: Bank Must Inform at Illegitimate Negative Interest
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The Federal Court of Justice has banned negative interest rates on savings deposits. Banks now have to inform their customers individually about corresponding changes to the terms and conditions.
The Oberlandesgericht Frankfurt am Main has decided that a bank is obliged to actively inform its customers about the ineffectiveness of a clause in the General Terms and Conditions. In the specific case, it is about a regulation that obliges consumers to pay a depositary fee for savings deposits, the court informed on Monday. The bank must therefore write to the affected customers by mail or e-mail. The bank had previously been legally condemne…
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