Banks obliged to inform customers

The banks will have to provide relevant information to customers about the characteristics of opening accounts and collection of deposits before the hiring, according to the draft decree of the Bank of Portugal (bop) yesterday.

The project, which is in the public consultation, allows depositors to compare the different offers alternatives before signing contract, as well as having access "to information relevant to the knowledge of the characteristics of deposits."

This project will establish rules to be met by borrowing from banks in deposits, will enter into force 90 days after publication. The rules apply to all forms of deposits and accounts: the order, over time, savings and established under special legislation.

The banks, at the conclusion of the contract, they must give customers a copy of the deposit. And they must also provide information on the movements made on credit and debit accounts of deposits, making statements that include at least the dates of motions and the time-value of the movement.

Description should include identifying the type of operation referred to movements. On the maturity of interest or fees associated with the collection of deposits, institutions should provide information to customers in case of salary-rate salary of any type of deposit, start and end dates of the period to which they relate and value date of payment .