Hidden Commissions at Oberbank: Affected Customers Receive Refund

When distributing fund shares, banks often receive so-called maintenance commissions – payments from third parties made for fund shares held in customer accounts. If such commissions are not disclosed to customers, the VKI considers them inadmissible and believes they must be refunded.

VKI vs. Oberbank: Legal Basis and Point of Contention

As early as spring, the VKI had reached similar agreements with two other banks. Now Oberbank has followed suit, even though it still holds a different legal opinion. The VKI assumes that the lack of transparency in maintenance commissions is an industry-wide problem.

The Securities Supervision Act (WAG) obliges banks to disclose benefits such as commissions to ensure that actions are taken in the best interest of customers. According to the VKI, this transparency obligation was not sufficiently fulfilled by Oberbank in fund mediations until December 31, 2017. Therefore, the affected payments should be returned to the customers.

Oberbank counters that its practice was lawful – however, the solution now reached is intended to enable a quick and uncomplicated settlement.

Hidden Commissions in Funds: How the Refund Works

Customers who purchased a corresponding fund product through Oberbank can register for the collective action free of charge via the VKI website until December 15, 2025. After a review, individual refund offers are to follow from Oberbank.

“The settlement with Oberbank is an important step for affected consumers and is intended to provide an uncomplicated way to actually assert their claims,” says Mag. Stefan Schreiner, an expert in consumer law at VKI. “We hope that other banks will follow this example.”

This article has been automatically translated, read the original article here.