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If your credit institution rejects your application for a basic account, does not provide you with sufficient support when you switch accounts or does not charge a fee that is customary in the market, you can complain to the Federal Financial Supervisory Authority or initiate administrative proceedings.
This form can be submitted electronically (e.g. via a secure contact form using your user account with login via the electronic ID function or the ELSTER certificate) or handwritten and signed in paper form to the responsible authority.
This form can be submitted electronically (e.g. via a secure contact form using your user account with login via the electronic ID function or the ELSTER certificate) or handwritten and signed in paper form to the responsible authority.
One of BaFin's tasks is to look after the protection of all consumers when supervising banks and financial service providers, private insurers and securities trading. Therefore, you can address your concern to BaFin if you believe that a supervised company has violated laws and you want to complain about it as a customer.
You can file a complaint if a bank
Opening a basic account:
Since the introduction of the Payment Accounts Act (ZKG) 2016, all consumers legally residing in the European Union are entitled to a basic account. If you have submitted your application for a basic account, the bank must inform you in writing within 10 days that it does not wish to open a basic account for you.
If the bank has rejected your application to open a basic account, you can apply to the BaFin for administrative proceedings.
Account switching:
The ZKG also obliges institutions to make it easier for you to switch accounts. Upon your request, the previous provider must transfer the standing orders and other services to the new provider. If the financial service providers do not comply with their obligation to provide statutory account switching assistance, you can report this to BaFin. It investigates corresponding complaints and works to ensure that any deficiencies identified are remedied.
Fee demand:
You can also file a complaint with BaFin in the event of an unreasonable fee demand. Since the legislator has not set a maximum limit for the costs of a basic account, the prices for a basic account vary greatly. According to the ZKG, 2 criteria in particular must be taken into account when assessing the appropriateness of a basic account:
If BaFin determines that the pricing is unreasonable, it can order a bank to adjust its fee model for basic accounts to the requirements of the ZKG.
You must request administrative proceedings against your bank in writing.
For complaints about the basic account, you can use the relevant online complaint form.
The administrative procedure at BaFin is free of charge for you. However, you will have to pay for expenses incurred in correspondence yourself. You will also not be reimbursed for lawyers' fees or fees for consultations.
Usually up to 3 months
The processing of the advertisement usually takes between 8 and 12 weeks.
Detailed information on how to file an appeal can be found in the notice of your request for an administrative proceeding.
If your application to open a basic payment account has been rejected, you can apply for administrative proceedings against your credit institution.