Overview
- The bank sent roughly 40,000 individualized letters, as required by an OLG Frankfurt order, acknowledging invalid "Verwahrentgelt" agreements on savings and overnight deposit accounts and inviting reimbursement claims.
- Estimated exposure is about €10 million if every notified customer applies for repayment, according to reporting based on the bank’s outreach.
- Refunds are not automatic, and consumer advocates urge customers to submit claims, with Commerzbank stating it will follow statutory limitation rules.
- A three‑year statute of limitations measured from when customers became aware of their rights means many can likely reclaim charges dating back to early 2022.
- Commerzbank says it is implementing the BGH and OLG rulings, noting it stopped levying negative interest in mid‑2022 and removed the clauses, and similar court decisions have affected other institutions such as Sparkassen.