Savers often benefit from savings contracts that have been concluded a long time ago – which in turn is a disadvantage for the financial institutions, because the interest rates that were agreed earlier, are very attractive from today’s point of view.

Many banks are now trying to urge their customers to dissolve the contracts, has observed the consumer center

Long-term savings contract

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Consumer advocates report a case where a customer had signed a long-term savings contract in the mid-1990s. A variable basic interest rate was agreed, coupled with a bonus period. The premium should be paid for the savings amounts paid in each year. From the 15th year, the premium should be 50 percent.

The financial institution now wants to stop paying the premium, reports the consumer center Saxony. The bank argues that the contract was only concluded for 15 years. Since this time limit is not found in the contract, according to the consumer advocates, customers should not be forced out of the contracts. If in doubt, a written contradiction is advisable.

Also dispo credit continues in the criticism

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Recently, consumer advocates had lamented the lack of transparency in the discretionary loans, for which too high interest rates would be required. Stiftung Warentest had interviewed nearly 1,500 financial institutions and subsequently criticized that too many banks would use the dispots “to cup their customers”. The Good Finance Protection is also planning a bill designed to protect consumers against overdraft interest.

A misconception is not knowing what your monthly expenses are . After all, if you have no control over what you spend and how you are budgeting yourself, you will hardly have the ability to set economic goals and take them on. Therefore, it is important to review this posture and adopt a larger organization in your routine .

Several thousand savers

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Excitement was also caused by a ruling by the Good Finance, according to which several thousand savers, who had concluded so-called Scala contracts, are entitled to compensation.

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