VIENNA, Austria - March 21, 2019 – The Supreme Court (OGH) has partially dismissed the complaint of the Association for Consumer Information (VKI) regarding the conversion of the account by giving notice of amendment in autumn 2016. The Supreme Court ruled that BAWAG P.S.K.'s action was admissible in principle.
The Supreme Court merely criticises the scope of the information provided to the customers concerned. For full cost transparency, not only the price sheet with the prices for the new account model should be enclosed, but also information about the prices for the terminated account. In its amendment offer, BAWAG P.S.K. only communicated the price sheet for the new account model and offered its customers personal advice to clarify any further questions. From BAWAG P.S.K.'s point of view, this created full transparency.
It is essential for our customers that the ruling is only relevant for future change offers and not retroactively for the account changeover in 2016. The converted account agreements are effective and remain in force. The current account package and the associated services, fees and interest have been legally agreed. This means that our customers have no claims against BAWAG P.S.K. as a result of the ruling. The ruling also does not affect the account terminations issued by BAWAG P.S.K. in the course of the account conversion. The effectiveness of the termination of the accounts was not the subject of these proceedings and was never called into question.
Manfred Rapolter (Head of Communications, Spokesperson)