In response to the concerns of international students about their concerns over German block account service in Hamburg, BAM Bundesweites Anlagenmanagement has stopped the monthly payment of EUR861 that students had blocked at home in their country of origin and the Aareal Bank AG is set to transfer funds to all BAM customers who live in Germany including students as The Federal Financial Supervisory Authority (BaFin) has announced.
The bank is scheduled to make payments between summer and august 2021. all foreign students within Germany who have registered accounts blocked by the respective company and have received their monthly payment prior to the 1st of June 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 firstname.lastname@example.org and to provide their German bank account details (name of the account holder, IBAN and BIC),” a press release issued by BaFin reads.
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Additionally further, the Aareal Bank will also ask students to upload certain documents that are digital to confirm their identity. The documents that are required include:
- Identity cards or passports
- German visa, residence permit or an enrollment certificate from an institution (in the event they haven’t received their residence permit or visa)
- German Federal Police Entry stamp
- Blocked Account Confirmation From BAM
- Instructions for Blocked Account Transfers from BAM.
In the release, BaFin highlighted that all BAM customers BAM which includes students from abroad who are resident in Germany or haven’t arrived in the country yet due to visa issues they are advised to contact a accredited credit institution to request an account that is blocked. Moreover, Aareal Bank AG will transfer the funds held in the omnibus trustee account (Sammeltreuhandkonto) for BAM customers to their new accounts.
“In the interest of being able to avoid any potential disadvantages in relation to German residency laws students from countries other than Germany who have created a false “blocked account” with BAM are asked to follow the requirements set out in this announcement,”the press release states.
The states of the federal union that are responsible for the implementation of this German residence law were notified of authorities from the Federal Ministry of the Interior, Building, and Community (BMI) regarding the current situation and are now obliged to ensure that BAM customers as well as students are not left out with regard to German residency if they happen to open a blocked bank account at an alternative credit company.
Students from abroad in Germany who are from non-EU or non-EEA nations must create a blocked account (Sperrkonto) in order to apply for the student visa or an residence permit in Germany that amounts to 103,000 euros for the initial year of study.
Students have opted to establish blocked accounts using BAM since it provided them with reasonable rates, a comprehensive cost-free service of EUR60 for the account to be blocked in Aareal Bank in Wiesbaden. But, BAM hasn’t been able to provide students with the regular monthly installments from June this year.