OGH: Right to Info on Small-Value Accounts

Jan 19, 2024 Benn-Ibler Rechtsanwälte

The Austrian Supreme Court (Oberster Gerichtshof, hereinafter OGH) has ruled that an individual has the right to know all the information given to them when opening a savings account, even if the corresponding savings account passbook is not presented.

The plaintiff has a current business relationship with the defendant bank (as did her deceased mother, whose estate the plaintiff inherits). The plaintiff now wishes to be informed of all the small-value savings accounts opened with the defendant bank that have been identified as belonging to the plaintiff and her mother.

The bank refused information on the grounds of banking secrecy (Section 38 of the Austrian Bankwesengesetz, hereinafter BWG). Only on presentation of the savings account passbook could a request for information on small-value savings accounts be considered. As small-value savings accounts are bearer instruments, claims arising from the savings can be transferred to other persons simply by giving the savings account passbook to another person without the bank having to be informed. Thus the bank claimed that information would only be provided if it could be shown that the deceased mother was the holder of the savings account at the time of her death or an active cancellation was in place.

The OGH ruled partially in favour of the plaintiff:

Bank customers are generally entitled to information about their business relationship between them and the bank. The customer is still a party to a savings deposit agreement even after the transfer of the savings deposit book under securities law, as long as the banking contract is not transferred.

However, it cannot be ruled out that the banking contract will be taken over by a third party, as this can also be done by giving the passbook to another person. Therefore, there can be no right to information arising from the contractual relationship with regard to current deposit balances. On the other hand, there is a right of access to all the information relating to the opening of the savings account, such as the account number/IBAN, name, issuing bank branch office, and the balance of the deposit or of the savings account at the time of opening, without having to present the passbook itself.

Banking secrecy does not preclude the provision of such information, as information on the status of accounts and details of the business relationship must be provided to bank customers at all times.

OGH 10 Ob 43/23f (21 November 2023)