Payment card services to become clearer and easier to understand
Banks are advised to disclose all information about the terms of debit card issuance and services, including fees, to clients. These data should be presented as a table, the template of which was prepared by the Bank of Russia.
This will provide clear and easy-to-understand essential information to people about card products, compare them, and make a more informed choice before signing an agreement with a credit institution. Banks in turn will be able to reduce the risk of incomplete information disclosed to their clients.
The information included in such tables should be regularly updated. Banks should make it available at client service points in their offices, on their websites and in their mobile applications, as well as communicate this information to clients in the course of consultations.