Credit balances from the building society savings

Money accumulated with a building society for the purpose of realizing a construction project. – If a building society savings contract is mature for allocation and the building society saver does not accept the building money, the building society may close the account and repay the credit balance even against the customer’s will. This is because the purpose of a bauspar contract (building society contract) is to finance home ownership and not to manage credit balances. – See construction money, building society, mortgage bank, housing loan. – Cf. BaFin’s 2007 Annual Report, p. 220 (practice of building societies is lawful), ECB Monthly Report of August 2009, pp. 83 et seq. (financing of housing construction in the euro area; overviews), Deutsche Bundesbank Monthly Report of June 2013, p. 45 (home savings contracts of private households broken down), Deutsche Bundesbank Annual Report 2013, pp. 53 et seq. (housing investment by private households since 1991; overview),

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