Banks should inform customers of changing terms of service in advance
5 August 2022
News
The Bank of Russia recommends that major retail banks inform consumers of planned changes beforehand, for example, at least 15 days in advance. The regulator believes that customers should have sufficient time to make a decision to accept or reject new service rules.
Banks are adapting to the operation under sanctions, while reviewing the content and parameters of their services. The regulator said that market participants should provide their customers with the most complete and comprehensible information about their activities in a timely manner enabling people to see the underlying reasons.
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