The four central components

Consumer education
The Association of German Banks has set itself the goal of getting more young people interested in economics and making them familiar with economic topics. Fifteen years ago, it launched an initiative comprising a whole package of measures under the name “Schul/Bank”. Through this initiative, the private commercial banks hope to help build bridges connecting schools and businesses. It is against this backdrop that the Association of German Banks offers teachers and students a targeted, comprehensive information programme on economics.

Consumer information
General consumer information: The Association of German Banks’ PR work has focussed for many years on the consumer. It makes available provider-independent information on financial topics at regular intervals. In its new “fokus:verbraucher” series , the association puts together information from the private commercial banks aimed at consumers. The series encompasses all publications directed at this target group.

Informing customers: In addition to the general information consumers receive from the private commercial banks – regardless of whether or not they are customers – they also receive specific information tailored to certain types of business before they sign a contract. Providing information to customers in advance and making contract arrangements transparent are two mechanisms that enable banks both to meet their statutory information requirements and to fulfil the obligations they voluntarily impose on themselves.

Transparency in contracts
Another component of the comprehensive consumer policy scheme is “transparency in contracts”: the rights and obligations of banks and customers must be balanced fairly for both sides and communicated in a clear and appropriate manner. This is done within the framework of a contract that the consumer enters into with the bank. This contract sets out such things as the desired loan amount, advises the consumer of the size of the overdraft facility granted to him or informs him of any right to cancel he may have. The customised content of the contract is supplemented by general terms and conditions.

Out-of-court dispute settlement
To settle differences of opinion between banks and their customers as quickly and smoothly as possible – and not just with respect to basic current accounts – the private commercial banks introduced an out-of court dispute settlement procedure as early as 1992: the Ombudsman Scheme.