The Bank of Portugal explains that the largest “transcript” relates to the unjustified imposition of commissions for renegotiating consumer credit contracts, with banks having to return more than five million euros.
The banks were forced to return 8.3 million euros in commissions and interest unjustifiably imposed on bank clients in 2023, following supervisory measures adopted by the Bank of Portugal. The figure was presented in a behavioral oversight report released by the regulator on Wednesday.
“In cases where discovered violations resulted in the charging of amounts to the bank’s customers (interest, commissions or expenses) in violation of the applicable regulatory framework, compliance with specific orders issued to correct such violations involves returning the amounts that were unnecessarily charged to customers,” the bank says. Portugal.
In this sense, “as a result of the approved supervisory measures, the institutions returned 8.3 million euros to bank clients, in relation to commissions and interest charged without justification,” explained the regulatory body led by Mario Centeno.
The Bank of Portugal also states that “the amount returned by institutions to clients after the implementation of supervisory measures was much higher than the amounts returned in 2021 and 2022. About seven million euros were allocated to settle cases of irregular commission collection.”
The report explains that the largest “slice” relates to the unjustified collection of commissions for renegotiating consumer credit contracts, with banks having to return more than five million euros. On the other hand, the imposition of unjustified fees on commissions associated with the processing of credit agreement installments to consumers forced financial institutions to return almost 600 thousand euros.
“With regard to credit renegotiation commissions, it is worth highlighting that commissions are charged for changing the credit card payment option or split payment method to the mandatory minimum amount, due to the lack of balance in the account to charge the initially selected option. Large amounts have also been returned due to the collection of commissions.” Change the contract term.
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