Financial consumer rights

Right to information and awareness

The financial consumer has the right to obtain complete, current, objective and clear information about financial products and services from the institutions, as well as basic knowledge upon adhering, in order to acquire skills necessary to make the right choices.

Right to choose

The financial consumer has the right to choose and change financial products or services, and institution.

Right to early mobilization of term deposit

  • Institutions shall describe in the contract the conditions for early mobilization of the term deposit, namely, whether partial or full mobilization is permitted and if at any time or on pre-determined dates;
  • If there are penalties for early mobilization, the institutions shall also describe the way in which they are calculated;
  • If the deposit cannot be mobilized early, the institutions shall expressly state in the contract that it shall not be mobilized in advance.

Right to early credit settlement

  • The financial consumer has the right to make the advance settlement, whole or partial, of the credit, during the term of the contract, regardless of the amount, by prior written communication to the institution;
  • In the case of early settlement of credit, the proportional reduction of interest and charges relating to the remaining period of the contract shall be ensured.

Right to withdraw from contract

  • The financial consumer has the right to withdraw from a contract;
  • To withdraw from the contract, the consumer must express his intent to withdraw from the contract with the institution concerned in writing, and, when applicable, must also return the financial product received, within 7 working days from the date of receipt thereof;
  • Institutions shall immediately return to the consumer any amounts paid, in any capacity, excluding commissions or charges for the production, issuance or provision of a financial product or service, and ensure the termination of contracts or cancellation of associated products or services;
  • Institutions shall formalize in writing the termination of the contractual relationship between the parties.

Duties of financial consumers

  • Read and analyze all the information provided by the institution, before contracting any financial product or service;
  • Provide true and complete information to the institution, especially information about their identity and financial situation;
  • Act in good faith during the negotiation, as well as in the implementation of contracts concluded with the institution;
  • Comply promptly with the contract concluded with the institution, and pay for all services and other charges due, within the deadlines established in the contract;
  • Use the funds made available by the institution for the purpose agreed in the credit agreement;
  • Ensure their demand deposit account has funds available, with enough balance to meet the debit operations made;
  • Appropriately use the means and instruments of payment provided by the institution;
  • Update personal data whenever changes occur to data regarding your identification, marital status, residence, telephone contact, and other important information, and whenever requested by the institution;
  • Not use amounts improperly deposited or transferred to your bank or electronic money account;
  • Cooperate with the institution on all matters required;
  • Other duties that are established in specific legislation.