Sparkasse announces 2,000 layoffs
In a recent development, Sparkasse Südpfalz, a savings bank, has been reaching out to its customers to seek their consent for changes in terms and conditions. This move comes after a 2021 Federal Court of Justice decision that mandates banks to actively seek customers' agreement for any changes.
The bank has sent out multiple letters to its customers, but unfortunately, many accounts have been terminated due to a lack of response. The exact number of terminated accounts has not been disclosed, as the bank lacks the precise figures. However, it's clear that the number of customers affected has increased.
A spokesperson for Sparkasse Südpfalz confirmed that they have been sending out letters multiple times to obtain consent from their customers. The bank has not announced any penalties or fees for customers who do not respond to the consent letters.
It appears that many customers did not respond, often due to being overwhelmed. Some customers may not be aware that performing an action on their terminated account reactivates it. This means that if a terminated customer performs an action on their account after the termination date, they are no longer considered terminated, and their business relationship with the bank continues.
The bank has not specified a deadline for customers to respond to the consent letters. Customers who have terminated their accounts due to lack of response may face inconvenience in managing their finances. They may need to open new accounts with the bank to continue their financial activities.
Without consent, the bank has no choice but to terminate the accounts. Ironically, if a terminated customer performs an action on their account after the termination date, this is considered consent. The bank sends out reminder letters to customers who have not yet given consent.
It's worth noting that previously, non-response from customers was sufficient for banks to make changes. However, the new ruling requires banks to actively seek customers' agreement for any changes.
Sparkasse Südpfalz has not announced any plans to change its policy regarding account termination due to lack of response to the consent letters. The bank encourages its customers to respond to the letters and actively agree to future changes to avoid any inconvenience.
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