Foreign students in Germany who have opened blocked accounts with the blocked account company BAM Bundesweites Anlagenmanagement, Hamburg, will receive monthly payments that have been on hold since June, according to the Federal Financial Supervisory Authority (BaFin).
Students who arrived in Germany in or after June 2021 and who have not 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 (account holder name, IBAN and BIC),” read the BaFin press release.
The German Federal Ministry of Interior, Building and Society (BMI) is expected to require the federal states to ensure that BAM clients do not face any shortcomings when it comes to residence permits, if they are able to prove that they have already applied to open a closed account at another credible institution, as well as to determine Their new account details to Aareal Bank, TheSchengen.com reports.
BAM customers, including international students living in Germany who received payments before 1 June this year, will get a refund for the months of July and August 2021 in the bank accounts the students last used. To confirm the identities of the account holders, Bank Aareal will require students to digitally attach copies of the following documents:
Passport or ID card including student details (name, surname and date of birth) German visa, residence permit or university entry certificate (if the visa or residence permit has not yet been issued) German Federal Police entry stamp Banned account confirmation from BAM Blocked Account Transfer instructions from BAM.
Hundreds of international students in Germany who opened blocked accounts with BAM are experiencing financial difficulties due to the company stopping the monthly payments of €861.
According to Studying-in-Germany.org, more than 180 affected students from the United States, Senegal, Lebanon and South Korea joined the Telegram group, concluding that the money each deposited into their bank accounts had reached a total of €800,000 by mid-July.
On July 12, 2021, BaFin asked BAM to “stop the unauthorized deposit business,” adding that the company had not opened accounts in the names of students but had raised funds in its own account.
Before arriving in Germany, international students from countries outside the European Union or outside the European Economic Area must prove that they have sufficient financial resources. As of 2021, the amount they must deposit into their accounts is €10,332 for one year. Hamburg-based BAM Bundesweites Anlagenmanagement offered students a bargain at a reasonable price, a care-free package of €60 to open a closed account at Aareal Bank in Wiesbaden.