Information regarding blocked bank accounts from 2021Read out
In the summer of 2021, several international students were having problems with their provider “BAM! (Bundesweites Anlagenmanagement UG)” regarding what is referred to as “blocked accounts". International students had opened these accounts with the provider as proof of sufficient financial means for the first year of their studies in Germany.
Below you will find a little information regarding this matter.
Important information regarding blocked bank accounts and BAM!
BaFin has ordered the settlement of the accounts. The July and August 2021 installments will be transferred to those affected in the next few days. New customers who have not yet received a payment are requested to provide their account details to Aareal Bank. BaFin requests that new blocked accounts be opened with a credit institution licensed in Germany in order to be able to arrange for the transfer of the funds paid to BAM.
The local Aliens departments have been informed of the case by the Federal Ministry of the Interior and have been asked to ensure that BAM customers do not suffer any disadvantages under residence law if they can prove that they have applied for the opening of a new blocked account with another provider in good time and have informed Aareal Bank AG of the new account details.
All relevant information can be found on the BaFin website.
If you are also affected, please directly write to Aareal Bank at firstname.lastname@example.org .
regarding blocked bank accounts (as of 22nd July, 2021):
At the moment, several international students are experiencing problems withdrawing money with their blocked account provider BAM Bundesweites Anlagenmanagement UG. BAM had to stop all business activity.
For students who currently cannot get to their money with BAM:
The Federal Financial Supervisory Authority (BaFin) is involved and - after media reports - was already able to transfer part-payments to some of the students involved.
Should you be a student who has to extend their residence permit, we advise you to hand in the document confirming your blocked bank account which you received from BAM when opening the account.
A couple of students have set up a central email address in order to get in contact with each other: email@example.com . Here you can get in touch with others who are experiencing the same problems.