How to prevent your rights from being violated?
Every service comes with a set of conditions. First of all, find out what those are. If it's a loan, its conditions include the full cost of taking it out, the full interest rate, all additional fees and charges, late payment penalties, the loan repayment schedule, and more.
Second, read the agreement carefully. Of course, any agreement is a legal document that may be hard to understand. But if you are planning to make a deposit, take out a loan, or use another service, read all the terms and conditions carefully. By signing this document, you take responsibility to adhere to it, after all.
How to understand whether a financial institution is violating clients' rights?
Typical signs of being in breach of financial services consumers' rights:
- The service provider makes a demand on the consumer to repay another person's loan when in fact the consumer is not a guarantor, heir, or representative of the debtor.
- The service provider resorts to harsh methods of debt collection (e.g., obscene language, moral pressure on the consumer, threats).
- The service provider makes persistent solicitations to compel the consumer to buy its credit products (credit cards or limits) when the bank reissues the consumer's payment card.
- The loan provider charges interest for a period that is longer than the time the consumer has been using the loan.
- The insurer does not make an insurance payment in full, fails to make an insurance payment, or intentionally refuses to make an insurance payment.
What to do if a financial institution violates your rights?
Before anything else, contact the financial institution directly. You can call their "hotline," but it is better to send a written complaint to their management. Sometimes consumers manage to quickly resolve the situation or have their questions answered at this level.
If the issue could not be resolved, the consumer can contact the NBU. The best way to do it is:
- by filling out the online form on the NBU's website
- by writing to [email protected]:
- by calling the NBU Contact Center at 0 800 505 240
- by chatting with nbu_contact_bot in Viber or Telegram.
In the appeal, it is important to describe the nature of the issue, indicate the institution to which the appeal relates, your full name, place of residence, and e-mail.
The NBU has 30 calendar days to consider your appeal. However, we try to respond as promptly as possible, especially to urgent appeals.
I wish to make a comment about how a bank operates. Can I ask the NBU to conduct an inspection?
If you have a complaint about the work of your bank, we recommend that you first file a written complaint directly with the bank's management. If your complaint is ignored, forward it to the NBU.
Statements and complaints from individuals do not constitute grounds for an unscheduled inspection of a bank by the NBU. However, if such appeals reveal to the NBU that consumer rights are consistently violated, there may be grounds for an inspection.
I am not satisfied with the quality of services provided by a bank's employees. Whom to complain to?
Complaints about the work of bank employees should be filed, in writing, with the bank's management.