Bank customers should be careful and pay attention to the statute of limitations at the end of the year so that claims are not lost or excluded beforehand.
Statute of limitations: Regardless of whether there is a failure to provide advice, information or information or other breaches of duty, i.e. if the bank has done something wrong, everything is subject to the statute of limitations. “Many years of experience show that many bank customers take care of their money too late, which is what the banks hope for,” says lawyer Stefan Bergeest, who is a banker himself, “especially since large amounts are often involved.”
Within three years of becoming aware of the customer’s claims against the bank, the statute of limitations expires at the end of the year, but no later than ten years after the date of conclusion of the contract. At the end of 2025, claims for damages for investments from 2022 may become statute-barred. If the recommended investment does not meet the investor’s objectives, for example as a safe investment, or if it cannot be sold and is therefore unsuitable, then the damage occurs as soon as it is purchased. So-called grossly negligent ignorance can be problematic. Banks often object that their customers should have taken care of this earlier because they did not make obvious considerations and did not take into account what should have been obvious to everyone in the individual case. “This must be checked in each individual case based on all contract documents and circumstances,” says lawyer Bergeest.
This is also important for the credit sector when savings banks and banks charge interest rates that are too high or the financing, for example through building savings contracts or life insurance, is too expensive in individual cases (no loan repayment and low interest on the building savings balance compared to a normal annuity loan = additional expense, which would have to be clarified and advised on in individual cases) or early repayment penalties that are too high, Non-acceptance compensation or impermissible fees may be charged. Consumer loans have a higher interest rate than real estate loans. If the interest rate is twice as high as the market interest rate, which is determined by an expert opinion or the Bundesbank statistics, the loan may be immoral due to usurious transactions (BGH judgment of March 13, 1990 XI ZR 252/89), so that, among other things, interest paid will be reclaimed.
If the bank has violated its obligation to check creditworthiness in an individual case, for example because income information was set too high and the loan was not affordable from the start (lack of ability to service debt), the borrower can terminate the loan, does not have to pay a prepayment penalty, but must make repayment, whereby lower interest rates may be incurred. If the loan has been terminated by the bank, it must be checked whether there is a reason for termination. Only then can enforcement be carried out. You should seek specialist legal help as soon as possible to avoid the statute of limitations. A conversation with the bank may be worthwhile.
Exclusion: If you have fallen victim to fraudsters through phishing, fake emails, fake phone number calls, your online account has been plundered or your credit card account has been debited, claims for a refund must be made within eight weeks of the account being debited. If this does not happen, claims are excluded. Transfer recalls by the payer’s bank, which are often unsuccessful, are not enough.
Stefan Bergeest, lawyer, specialist in banking and capital markets law, banker, mediator in business matters
