Banks massively deceive Russians: credit institutions use financial illiteracy

Beware of scammers! This warning we hear from every iron. First of all, the main proponents of honesty are the banks. However, credit organizations themselves are not averse to profit from the financial illiteracy of their clients. They literally vparivayut citizens risky products and services, hiding from them all the necessary information.

And we are talking not only about the already becoming customary imposition of insurances and hidden commissions. Now banks under the guise of deposits vtyuhivayut customers bonds and shares of companies, the yield on which subsequently does not meet the expectations of the client.

As reported by the Central Bank, the financial services market recorded a new phenomenon — Misseling. It implies the sale of some financial instruments under the guise of others. For this, the customer is provided with knowingly unreliable information about the product. For example, a person’s deposit term ends. He goes to the bank to extend it. There he is told that the deposit rates have declined. However, the bank officer hurries to please the frustrated depositor and offers him a more favorable, at first glance, placement of money — to invest in the shares of any company. But nobody tells the consumer that it is not a bank product at all. About the fact that he is not insured by the state, has its own peculiarities and risks, which are completely different than the deposit, bank employees prefer to keep silent.

Now Missseling is especially common in investment life insurance (COLI). The fact is that the COLL combines not only insurance as such, but also a financial instrument. It allows you to get income by investing money in various assets offered by the insurer. These include bonds or shares of various companies, precious metals and so on.

In this case, for insurers, the main sales channel of the COL is banks. Many credit institutions in the development of the direction are interested, since they receive a percentage of sales. They are, in fact, acting as insurance agents offering clients COL services. By early 2018, the COL market exceeded 500 billion rubles. It accounts for more than half of all sales of life insurers and commission income of banks.

Therefore, it is not surprising that bank employees willingly try to sell non-banking products in the form of «deposits with increased profitability» by all the truths and fakes. Instead of deposit agreements, citizens are offered bonds or other securities. As an option — also a combined contract, when part of the funds goes to the deposit, the other — to investment insurance. More often than not, customers discover a «trap» when they want to return early placed savings.

In fact, it turns out that the yield obtained does not correspond to what was promised. As a result, deceived Russians are literally throwing CB complaints about the banks. «Of course, we are concerned about this practice. First of all, it reduces the overall level of citizens’ trust in financial institutions. The problem of Missseling is very serious. Therefore, it is very important that people know about such cases, carefully read the contract that they sign, and do not hesitate to ask the bank’s employees about all the incomprehensible features, «comments the» MK «head of the Service for the Protection of Consumer Rights and Ensuring the Availability of Financial Services of the Bank of Russia Mikhail Mamut.

Meanwhile, as practice shows, it is practically impossible to defend their rights to clients so deceived in this way. Even in court. According to the research «Pravoved.ru», over the past five years, banks were on the fourth place in the number of claims of individual clients. In this anti-rating, credit institutions overtook retailers, tourism, the housing and communal services sector and medicine. They account for 12% of all cases. Among the antikliderov — telecom, automakers and developers.

And, to win a legal dispute with a bank ordinary Russian is not easy. 69% of the claims of natural persons are dismissed completely, in 23% of cases they are partially satisfied. And only 8% of applications of individuals are satisfied.

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