Following international students’ concerns over the German blocked account provider Hamburg-based BAM Bundesweites Anlagenmanagement stopping monthly payments of €861 which students had blocked while in their home countries, the Aareal Bank AG will finally send funds to all BAM clients living in Germany, including students, the Federal Financial Supervisory Authority (BaFin) has announced.
The bank is expected to send payments for July and August 2021 to all international students living in Germany who have opened blocked accounts with the respective company and who have received the monthly payments before June 1 this year.
“Students who arrived in Germany in or after June 2021 and who have not yet received any payments from their “blocked account” are requested to contact Aareal Bank AG at [email protected] and to provide their German bank account details (name of the account holder, IBAN and BIC),” a press release issued by BaFin reads.
Moreover, the Aareal Bank will ask students to attach some documents in digital form in order to verify their identities. These documents include:
- Passports or identity cards
- German visa, residency permit, or enrollment certificate at a particular university (in case they still have not received their visa or residence permit)
- German Federal Police Entry stamp
- Blocked Account Confirmation from BAM
- Blocked Account Transfer Instructions from BAM.
In the statement, BaFin highlighted that all customers of BAM, including international students who are already living in Germany or who have not entered the country yet due to visa delays, are asked to contact another licensed credit institution for a blocked account. Moreover, Aareal Bank AG will transfer the funds held in the omnibus trustee account (Sammeltreuhandkonto) for BAM customers to their new accounts.
“In order to avoid potential disadvantages with regard German residency law, students from third countries that have opened a purported “blocked account” with BAM are asked to follow the requirements set out in this announcement,” the press release further states.
The federal states responsible for implementing the German residency law have been informed by the Federal Ministry of the Interior, Building, and Community (BMI) about the situation, and are required to make sure that BAM customers, including students, will not be neglected when it comes to German residency if they manage to open a blocked account with another credit institution.
International students in Germany coming from non-EU or non-EEA countries are required to open a blocked account (Sperrkonto) when applying for a student visa or a residence permit in Germany, which amounts to €10,332 for the first year of studies.
Students have decided to open blocked accounts with BAM as it offered them reasonable prices, an all-around carefree package of €60 for a blocked account at Aareal Bank in Wiesbaden. Yet, the latter has failed to send students the fixed monthly payments since June this year.
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