The bank’s obligations to the borrower: what do you owe?

Today it is difficult to find a person

Who does not regularly use the services of banks. An example would be, for example, ROR, or Savings and Settlement Account, which you probably also have. Contacts with banks are our everyday life, so it’s worth knowing what responsibilities a customer advisor at a bank has! What are the bank’s obligations imposed by banking law? What should we remember if we are clients of such financial institutions? Do not forget about the bank’s information obligations to the client – it is important that you can enforce them when dealing with this type of financial institution. Follow changes on a regular basis, thanks to which you will be able to act as an aware customer.

What obligations does the bank have towards you? Obligations of the bank towards the client that are worth remembering!

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The Mortgage Act imposes an obligation on the bank to issue a final credit decision within 21 days of submitting your loan application.

Why can it be so important to you?

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Setting a rigid time frame within which the bank must issue a credit decision can be a great help for a person applying for a mortgage, allowing them to plan the entire process. Incidentally, a psychological factor also plays a big role in this case: applying for a mortgage can be a stressful undertaking, many people are anxiously waiting for the bank’s decision, therefore knowing when it will be issued is often important from the point of view of potential customers.

Secondly: while remaining on the subject of the mortgage, remember that you can withdraw from the mortgage contract within 14 days of its conclusion. This is very important – life can be unpredictable and sometimes we may face such a necessity. Awareness of a similar option is particularly important. The same principle applies to a consumer credit product.

Third: in both cases, both in terms of consumer credit and mortgage, if you decide to withdraw from the contract, you do not need to explain to the bank why you made such a decision. It’s a big simplification.

Fourth : taking a loan, etc. is a serious commitment that can affect your financial future. Are you aware of this? It is therefore necessary to make a reasonable, well-thought-out decision, and for this a potential customer needs real, proven data. It is the bank’s responsibility to provide you with reliable information.

Fifth: Before you set up a bank account, you must receive a payment document. For what? Knowledge of the information it contains is intended to help you put together and choose the most appropriate proposal.

TO CONCLUDE: Of course, these are just some of the obligations that the bank has towards its customers. As mentioned above, knowing about the responsibilities of a bank employee and institution towards you is valuable capital. Be aware of the information obligation of the bank towards the client – this will allow you to enforce the obligations of the institution that you use. Knowledge is a prerequisite for making sound, balanced decisions.

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