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Man keeps interest from €200 million bank error
Published: 4 May 12 11:30 CET | Print version
Online: http://www.thelocal.de/money/20120504-42343.html
A German man whose bank mistakenly gave him €200 million has been told he can keep the €12,000 interest earned while it was “resting in his account” overnight.
- Bank gives €200 million to man by mistake - National (2 Mar 12)
Michael H. swiftly transferred €10 million of it into his current account in a different bank. And although Comdirect successfully clawed back all the €200 million, it demanded €12,000 on top – 14.4 percent interest on the money he moved.
The district court in Itzehoe, Schleswig-Holstein, ruled on Thursday that Comdirect should repay the man the €12,000 – plus the interest it accrued over the last year.
But the bank – which is owned by Commerzbank – is going to appeal. “People who want to use money that does not belong to them generally have to pay interest," a bank spokesman said. "That is the same for everyone.”
“We only implemented normal procedures – it was nothing more than correct protocol.”
Michael H. admitted it was fun to be a multimillionaire for a moment, but now regrets moving the money. “It would have been better if I had done nothing.”
DPA/The Local/hc
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Your comments about this article:
The bank obviously thinks that they are entitled to engage in usury but nobody else is. They also think they are entitled to bring the world financial system to the brink of collapse and then be too big to fail.
It's time for a reality check. Good for the court.
The bank should feel lucky the guy didn't buy 200 million worth of shares.
In the US most of us would simply say it's an example of "street justice" since the banks are never hesitant to make a customer error play to their advantage.
wa