UPDATED: Issue with blocked account provider BAM! (Bundesweites Anlagenmanagement UG)

July 23, 2021 / INFOTECH Office

An increasing number of international students report disbursement difficulties with the blocked account provider BAM! (Bundesweites Anlagenmanagement UG), formerly recommended by Federal Foreign Office for the visa procedure. The situation is currently unclear, but the Federal Financial Supervisory agency (BaFin) and the LKA are investigating and the deposit accounts have been frozen. If you are affected, please contact your local Studentenwerk or the International Office of your university.

If you are affected or opened your blocked account at BAM!, please contact your local Studentenwerk or the International Office of your university!

UPDATE (23.07.2021) by "Deutsches Studentenwerk":
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 here.

If you are also affected, please contact your local Sudentenwerk or the International Office of your university or directly write to Aareal Bank at student-verification@aareal-bank.com.

If you are currently planning your arrival in Germany or if your visa extension is due please refrain from considering BAM! even if it might still be recommended by some embassies. The Ministry for Inner Affairs has asked the local immigration offices to generally be less restrictive with financial requirements during the corona requirements, nevertheless contact the International Office of the university if you are in financial aid.

Affected students have opened an email-address where you can connect and exchange information: problems.with.bam@gmail.com. It is advisable to also contact the police and file charges with mentioning the open investigation by the LKA Berlin and other filed reports in Würzburg, Berlin, Kiel, Leipzig, München, Schweinfurt, Chemnitz, Nordhausen und Erlangen.

Further information can be found on the following websites:

http://www.internationale-studierende.de/en/home/

https://www.bafin.de/SharedDocs/Veroeffentlichungen/DE/Verbrauchermitteilung/unerlaubte/2021/meldung_210714_BAM_Bundesweites_Anlagemanagement.html

. https://www.tagesschau.de/investigativ/swr/studierende-sperrkonten-existenznot-103.html

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