July 23, 2021 / Annette Maske

UPDATE: Issues with the blocked account provider BAM!

An increasing number of international students are currently experiencing disbursement difficulties with the blocked account provider BAM! (Bundesweites Anlagenmanagement UG), which was, among others, formerly listed on the website of the Federal Foreign Office. The BaFin (the Federal Financial Supervisory authority) and the LKA are investigating the case and the accounts (at Aareal Bank) have been frozen.

Affected students have set up the mail address problems.with.bam@gmail.com to contact each other. In addition, it is recommended to call in a lawyer and to file a complaint with the police, if necessary pointing out that the LKA Berlin is already investigating and that charges have been filed in e.g. Würzburg, Berlin, Kiel, Leipzig, Munich, Schweinfurt, Chemnitz, Nordhausen and Erlangen.

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. Further information can be found on the website of Deutsches Studentenwerk. Please feel also free to contact the Studierendenwerk or our International Office or directly write to Aareal Bank at student-verification@aareal-bank.com.

If you are currently still abroad and planning your entry, please do not choose the blocked account provider BAM!, even if it may still be recommended by embassies or similar. 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.

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