German Blocked Account Company Stops Monthly Payments for International Students, Leaves Them in Financial Distress

The blocked German account provider, Hamburg-based BAM Bundesweites Anlagenmanagement, has stopped transferring the €861 monthly payments to hundreds of students in Germany, leaving the majority of them in cash strait.

BAM has offered students a worry-free package of €60 to open a closed account at Aareal Bank in Wiesbaden, while at other banks in Germany students must pay a higher fee for the service, TheSchengen.com reports.

According to the educational information portal, Studying-in-Germany.org, students have expressed annoyance about not receiving their banned money before leaving their home countries. The latter stressed that the landlords demanded that they pay rents, but that the blocked account provider had stopped paying rents since June.

“I thought ‘Well, it’s/is/ on the official government website, it should be legit!'” Turns out it wasn’t. They paid 6 parcels normally, but this week everything went down hill. I didn’t get my June payment (it was supposed to happen on the 28th or 29th), their website is down, obviously they They didn’t respond to any of my contact attempts per email, and both phone numbers I can find work straight to the mailbox,” one student posted on Reddit, advising other students to stay away from BAM Anlagenmanagement.

More than 180 affected students coming from the United States, Lebanon, Senegal and South Korea joined the Telegram group and calculated the amounts they had deposited into banned accounts, which amounted to more than 800,000 euros for the latter.

The Federal Association of Foreign Students (BAS) reports that more than 200 students owe more than 2 million euros, thus calling on Foreign Affairs Heiko Maas, the Bundestag and other important organizations operating in Germany to ensure that students get their money immediately.

BaFin said the blocked accounts were opened illegally as they did not have student names, yet the provider took the money into its own account. This prevented Bank Aareal from transferring funds to students without account holders setting up the means.

Before heading to Germany, applicants for a student visa must open a closed account in their home country. According to BlockedAccountGermany.com, the amount students must deposit into their blocked accounts is €10,332 for the first year of study in Germany.

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Source: schengenvisainfo.com

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