What are my rights as a consumer if the bank has terminated my account without justification?
July 7, 2023 | 40,00 EUR | answered by Alwin Reuter
Dear lawyer,
I am reaching out to you with an urgent question regarding my account at my bank. My name is Daniel Bauer and recently I received an unexpected notification that my bank has terminated my account without providing any explanation. This decision has surprised and unsettled me, as I have not had any issues with my account before and have regularly fulfilled my financial obligations.
Now I am wondering what rights I have as a consumer in this situation. Is it legal for the bank to simply terminate my account without providing me with a reason? What options do I have to challenge this decision and defend my rights as a customer? Can I take legal action to obtain an explanation for the termination or to restore my account?
This unexpected termination has put me in an uncomfortable position, as I am now facing difficulties in managing my financial affairs and accessing my account. I am concerned about my financial security and personal data, which may no longer be protected by the bank.
I urgently request your advice and support in this matter. I look forward to your professional assessment of the situation and possible solutions to protect my rights as a consumer and clarify the termination of my account.
Sincerely,
Daniel Bauer
Dear Mr. Bauer,
I understand your concern regarding the unexpected termination of your account by your bank and would like to assist you. First and foremost, it is important to understand that banks have the right to terminate accounts, but they must comply with certain conditions and rules.
According to § 19 (2) of the Payment Accounts Act (ZKG), a regular termination of a payment account by the bank is only permissible with observance of a reasonable notice period and in consideration of the payment service user's interests. This means that the bank must usually give you a reasonable period to switch your payment transactions and should allow you to withdraw your balance.
Furthermore, the bank is obligated to provide you with a reason for the termination of your account. If the bank has not done so, as a consumer, you may have the right to request an explanation. You can also contact the dispute resolution body for payment services or the Federal Financial Supervisory Authority (BaFin) for assistance in resolving the termination.
In terms of your financial security and protection of your personal data, it is important that you act quickly. You should ensure that you secure all important financial data and explore alternatives to access your funds, such as opening a new account.
To challenge the bank's decision, you may also consider taking legal action. A lawyer specializing in banking law can help you defend your rights as a consumer and consider the possibility of suing the bank.
I strongly recommend that you contact a lawyer specializing in banking law to discuss your situation and explore possible solutions. It is important that you uphold your rights as a consumer and clarify the termination of your account.
Yours sincerely,
Alwin Reuter
Attorney-at-law
