"Class Action Lawsuit Against Austrian Banks for Excessive Loan Processing Fees: Join Now to Recover Your Money"

2023-05-29 06:30:00

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The consumer protection association (VSV) is certain: Austrian banks would charge far too high fees to their customers. The newspaper reports Today on Sunday. They now want to start a class action lawsuit, the one Recovery of the excessive processing fees for consumer loans should effect.

Previously, the service fee from mobile phone providers had already been assessed as inadmissible by the OGH. Gyms have also had to reimburse their members for fees. Specifically, the complaint by the Chamber of Labor concerned the fees that were charged to the members of the studios without recognizable consideration.

Already 600 registrations for the class action lawsuit

According to the SAAM, it has already received more than 600 registrations from customers throughout Austria. The first lawsuits against Bank Austria and BAWAG have already been filed.

According to the Supreme Court ruling from 2022, ancillary fees for contracts are ineffective and disadvantageous if they are not “compared with an independent service”. According to the VSV, this now also applies to loan processing fees at domestic banks. Specifically, this relates to the fees incurred for a credit check or other services that are necessary or mandatory for the conclusion of the contract by the bank anyway.

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If a percentage of the loan amount is calculated as a processing fee, this can amount to several tens of thousands of euros – especially for real estate or construction loans. The consumer protection association is therefore calling on affected customers to join this class action and reclaim the far too high fees.

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