Mutual rights and obligations of banks and customers

The private commercial banks' general terms and conditions (AGB), which entered into force on 1 January 1993 and have been continuously updated since then, establish the mutual rights and obligations of banks and customers. These new terms and conditions were the result of three years of work in which every single clause applying until then was re-examined with a view to determining its practical relevance in the age of high-tech banking. Only provisions that proved to be indispensable as a framework for banking transactions were adopted and revised in the light of the requirements set by the Standard Contracts Act and of Federal Court of Justice rulings. When drafting the new terms and conditions, particular emphasis was placed on transparent wording so as to make them as easy to understand as possible for the general public. The AGB form a compact, succinct and balanced legal basis for banking practice and the millions of generally abstract and complex transactions conducted daily.