Account termination due to garnishment?

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An account attachment is often followed by an account termination. Nowadays it is almost unthinkable to participate in economic life without an account. We will inform you about what to do in the event of an account termination and how you can prevent an account termination.

How can an account termination be avoided?

It is generally advisable to convert the account into a garnishment protection account. Every consumer has a right to this conversion. The banks are also obliged to offer this service free of charge. With the so-called P-account , the person concerned is assured the statutory exemption of € 1,178.59 per month in the event of a seizure.

The conversion into a P-account can take place at any time. As long as there is no attachment, the account can still be used in full. If a garnishment is already imminent, the account must be converted into a garnishment protection account within a four-week period in order to guarantee the protection of the tax exemption. If there is no seizure protection after four weeks, all incoming payments can be seized without exception. In this case, the existence of the person concerned is seriously endangered.

A P-Account cannot be canceled. Unless one consumer can be shown to have more than one P-account, which is prohibited by law. As long as a consumer has exactly one P-account with a bank, he is permanently protected against an account termination.

How do I proceed with an account termination?

If no measures have been taken to prevent account termination, you need to act quickly. Costs such as electricity and rent are usually collected by direct debit and wages are rarely paid out in cash. However, poor creditworthiness and negative SCHUFA entries, which result in an account attachment, make it more difficult to open a new account. It is recommended to contact banks that offer credit-based accounts . The so-called basic or everyone's account enables everyone, regardless of their situation, to have a current account and make cashless payments. A new debt is successfully prevented by the credit principle. After opening this account, you can immediately convert it to a P account and secure the basic tax credit.

Looking for a P-Account?

With Pay Here you can open a P-account online in a few minutes, activate the seizure protection and secure your monthly tax exemption .

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The German e-money institute Pay Here has specialized in payment services with Debit Mastercards and accounts without Schufa. Individual solutions are offered for both private and corporate customers.