When purchasing a financial product (credit, deposit, card, insurance, etc.) in addition to taking into account the conditions (term, currency, interest rate, etc.), it is important to take into account what rights you have as a customer.
In today's Pocket Finance, we will review what are the most relevant rights for the financial user that are in laws, decrees or circulars of the Central Bank (BCU).
Deposits.
For bank deposits in general (sight or term), the user's rights are to receive the signed contract document and all the characteristics of the contract, and the statements of account where the movements are reflected. In turn, if it has been agreed, receive the interest generated by the deposit and in case of a change in the contract, the institution must inform you in advance.
On the other hand, specifically for deposits in current accounts and savings accounts (at sight), the client's rights to dispose of the money in the account or request it, through the means established in the contract: transfer and checks, among others.
In the case of time deposits, it is the user's right that the institution repay its deposit and interest, according to what is established in the contract, considering date and amount. In addition, you can also receive your deposit in advance, provided that this cancellation has been provided in the contract.
Finally, with the entry into force of some articles of the Financial Inclusion Law, it is the workers' rights to choose an institution of financial intermediation or an electronic money instrument to collect their remuneration, being able to change it after a minimum period has elapsed of one year or at the moment of changing of company in which it works. Within the rights to choose the account, this should be free. That is, it can not have the cost of opening, acquisition, maintenance or closing, nor requirement of minimum balances. You must allow the withdrawal of funds at any time. In addition, eight interbank transfers of up to 2,000 Indexed Units ($ 7,362.60 to today) will be enabled (at least) per month, free of charge (for bank accounts). They will allow for free unlimited balance inquiries and will enable (at least) to make five free money withdrawals per month.
Credit.
Before hiring a credit, the first thing is to get information on the offer and conditions of the product. It is necessary to take into account that for this "it is not necessary to present the identity document, nor to provide personal data", according to the Consumer Defense Area of the General Directorate of Commerce.
In turn, you can request a copy of the contract so you can read it quietly at home before signing it.
Often, banks and other institutions offer credit and other products such as telephone, email and other non-face-to-face insurance. While this is valid, the customer who accepted the offer should always reach "physical documentation" that certifies the link or the contracting of the service. In addition, the consumer to telephone offers has the right to disengage from the contract at the time he receives the physical documentation, despite the fact that he has expressed his consent by telephone.
Another right is to have credit money (once approved by the institution) as you request it. The institution must provide it according to the provisions of the contract, either in cash, checks or through withdrawals through a card.
In addition, the customer has the right to be issued a receipt for their payments.
In the case of credit cards, account statements should be received where the movements of the card are reflected.
The user must in turn be notified in advance of any changes that the institution makes regarding his contract and should receive information in case of rejection of any operation.
On the other hand, the institution must provide the procedure to be followed in case of theft or loss of the plastic, to make the complaint and ensure the existence of adequate means to carry it out and to prove that said notification has been made. For these purposes, the issuer (or institution indicated by him) will provide you with a number that identifies your complaint and will indicate the date and time of the complaint. The means to make the notification must operate every day of the year, during the 24 hours. In turn, you must submit a primer.
Finally, a key right: the consumer has the possibility of not renewing or canceling the contract of their own free will at any time, unless other conditions have been established in it.
The primer and possible differences with clients.
A Circular of the Central Bank of 2009, foresees that in the cases of credit cards the institutions of financial intermediation must "deliver a booklet to each retail customer, (...) before signing the contract, which indicates the aspects listed below." One of them is "the responsibility of the parties in case of theft, loss or falsification of the card" and "the way in which the client should carry out the procedure of reporting these events, according to what is established in the contracts." Another refers to "the current compensatory interest rates and arrears". In turn, they must specify "charges, expenses, commissions, rates, insurance, fines, taxes and other amounts applicable, indicating concept, amount, periodicity of collection and the mandatory or optional nature of each." It should also contain "credit limit" and "examples of annual cost associated with different usage patterns". This document, "must be submitted before signing the contract and will refer to the clauses of the contract that describe or explain the operation of the aspects listed above," notes the circular. "If any of the above items may change, the conditions for its modification and the means and the term to be used for the prior notice to the customer shall be indicated." This requirement may be fulfilled including a reference to the respective clauses of the contract, "he added. The regulation also says that institutions must "provide agile mechanisms for the resolution of possible differences with their clients".
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