UralTransBank and Bank24.ru’s ads incomplete, authorities claim

21 July 2009 (08:27)

Sverdlovsk Region public prosecution authorities investigated the issue of several Yekaterinburg-based banks’ compliance with consumer rights legislation. They have detected numerous violations at a number of banks.

It has been revealed that some banks do not provide their potential borrowers with full details and terms of their loan offers; sometimes the information is also inaccurate. Then, some of the banks’ lending agreements have terms that infringe upon the customers’ rights or impose on them some additional (and unwanted) services).

For one, UralTransBank and Bank24.ru’s advertisements violated the federal bills on consumer rights protection, advertising, and banks and banking activity in that they did not indicate all the terms that affected the actual cost of the loan. For instance, the banks charge you an incidental fee for using the loan in addition to the interest, and won’t give you the money until after you’ve paid this fee.

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