Banks not to charge commissions from individuals when counting coins and crediting them to accounts and deposits
11 June 2021
News
Bank of Russia banknotes and coins must be accepted at face value anywhere in the Russian Federation when they are used for making payments and transfers as well as when they are credited to accounts and deposits. The Bank of Russia has reminded credit institutions about the effective legislation.
The regulator has identified that some banks set commissions for accepting and counting coins when conducting such operations. The Bank of Russia considers this practice unacceptable.
Banks are obliged to accept coins and count them for crediting to accounts or for making transfers. These operations do not create any profit or value for clients; therefore, they should not be viewed as a separate service and be subject to additional payment.
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