The Credit Transfer Act contains various regulations with regard to consumer protection. If a credit institution accepts a credit transfer and it is carried out late, the accepting credit institution has to pay interest which amounts to the base rate according to the German Civil Code plus 5%. If the transfer gets lost, a “money back guarantee” applies for amounts up to EUR 12,500 plus interests and charges. Other liabilities are unaffected by this Act. If the transaction is carried out as an “OUR” transfer (ie fees are to be borne by the originator of the payment only), the credit.
