Romania’s Consumer Protection Authority (ANPC) has fined 15 local lenders with over RON 500,000 (EUR 108,700) for unfair commercial practices in advertising activities.

The institution has also asked them to cease these practices, to correct the contracts already concluded, to return the amounts received without legal basis, and to suspend the ad campaigns.

The 15 banks include Raiffeisen Bank, Piraeus Bank, BCR, Bancpost, Unicredit, Credit Europe, CEC Bank, OTP Bank, BRD, Garanti Bank, Alpha Bank, ING, Libra Internet Bank, Banca Transilvania and Leumi Bank.

The consumer protection authority carried out controls at these banks between the end of August and the beginning of October. It has checked brochures, leaflets presenting the banks’ products. For example, some of the leaflets launched by Credit Europe lacked any mention to the interest rate. In the case of Banca Transilvania, the institution found differences between the fees presented in brochures and those in contracts.

Romania’s consumer protection authority asks bank to drop incorrect clauses

editor@romania-insider.com