Which are the main customer's rights in relation to the bank?
What are the main rights of the customer in banking?
- For each of the products that the Bank offers to the customer, a Respective Contract is duly signed which describes in details the rights entitled to the customer. Briefly, for each of the products, at each stage of the contractual relationship the rights consist in the following aspects:
I. Prior that the client opts for any of the products, to him/her must be made available by the Bank:
- A copy of the document containing the essential rights entitled to the customer.
- A copy of the informative documentation for each product.
- A complete detailed copy of the pre-contractual information, without establishing any contractual obligation for the customer at this stage.
II. Upon signature of this contract:
- The customer has the right to require explanations regarding the terms of the Contract from the Bank employee and the latter has the obligation to explain in details and in a clear and comprehensible language to the Client, before the client signs the Contract with the Bank.
- The contract is stipulated in accordance with the legal requirements in force at the moment of its signing.
- The customer has the right to be provided with a copy of the contract and a copy of other related documents.
- The customer shall not be confronted with less favourable contractual terms than what is provided in the pre-contractual/informative documentation of the banking products.
- The customer shall choose the way of communication with the bank (email; phone; etc).
III. During the duration of the contract the customer:
- Shall be provided by the bank with information on the progress of the contract at least once a year.
- Shall be notified in writing regarding the changes in the contractual terms by the Bank before they become applicable, whether the option of such changes in the terms is provided for in the underlying contract.
- Shall be provided, in exchange for payment, within 90 days upon receipt of the request, an account statement for all the performed transactions of the last 10 years.
- In the case of a bank loan, the Bank shall initiate enforcement proceedings when the Borrower fails to meet the obligation to pay two consecutive instalments or in such cases where the Borrower is overdue for more than 90 days from the date the instalment settlement.
- The Borrower is entitled to withdraw from the contractual relationship without any penalty within 14 days from its signing.
IV. Upon termination of the Contract the Client is entitled to:
- Withdraw without any Penalties and Additional Costs from contracts with an indefinite term.
- In the case of loan agreements, the borrower may prepay all or part of the amount of the 'Principal', provided that he/she irrevocably notifies the Bank in writing at least 15 days prior to the prepayment date.
- To be issued a confirmation by the bank for the termination of such contract.
V. The rights to complain:
- The client has the right to file a complaint against the bank, at any of its branches, or in website or at the complaint’s office.
- The bank is obliged to respond to the complaint within 30 days for any complaint case that relates to banking services and various transactions.
- The bank must provide reasonable reply to the client.