Problems with the blocked account provider BAM! (Bundesweites Anlagenmanagement UG)

Problems with the blocked account provider BAM! (Bundesweites Anlagenmanagement UG)

Some international students are currently experiencing disbursement difficulties with the blocked account provider BAM! (Bundesweites Anlagenmanagement UG).

According to current knowledge, the accounts (at Aareal Bank) are frozen and the money is therefore safe for the time being.

BaFin (the Federal Financial Supervisory authority) and the LKA are investigating.

UPDATE (23.07.2021) 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 Foreigners Offices 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: https://www.bafin.de/SharedDocs/Veroeffentlichungen/DE/Verbrauchermitteilung/unerlaubte/2021/meldung_210722_BAM_Bundesweites_Anlagemanagement2.html.

If you are also affected, please contact our Legal and/or our Social Counselling Service for international students. or directly write to Aareal Bank at student-verification@aareal-bank.com.