Banks impose cards on Russians when opening deposit or savings accounts. In addition, credit institutions do not make contracts with citizens before depositing money into the safe. This is stated in a letter from the Chairman of the Board of the International Confederation of Consumer Associations to Mikhail, Head of the Service for the Protection of Consumer Rights and Ensuring Accessibility of Financial Services of the Central Bank of the Russian Federation. Mammoth (available from socialbites.ca).
Consumer rights advocates detected such violations during an investigation of 16 banks from different regions of Russia using the “mystery shopper” method. During the monitoring, advocates discovered that some banks were offering other financial products to their customers instead of a “profitable investment of funds” instead of an on-demand deposit or savings account. For example, a brokerage account, cards, hybrid products, where part of the funds in parallel with deposits goes to the endowment life insurance program.
“This approach carries risks for consumers, as no other financial product other than deposits is subject to the state deposit insurance system and does not guarantee a fixed return, which managers often do not provide information about,” said Yanin.
Additionally, as understood from the letter, consumers are required to open a debit card when opening a deposit or account in some banks. In some cases, depositors must pay for card maintenance or comply with a number of conditions when using the card. The letter also states that it is a common practice for depositors not to obtain an agreement before taking the money to the bank vault, which violates consumers’ rights.
Advocates asked the Central Bank to pay attention to these violations and take action.
In the first quarter of 2023, Rospotrebnadzor received approximately 6 thousand complaints from Russians; 4 thousand of these were directed to banks (66%). said In the press service of the department “socialbites.ca”.
Previously “socialbites.ca” saidHow do banks violate the rights of Russians when giving loans?
Source: Gazeta
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