Terms on deposits and loans, bank rates periodically change. Should the bank notify about this and is the consent of the client required? Read about it in the material.



In banking forums, users often complain about changing tariffs and terms of service. As a rule, for the worse, that is, not in favour of the client. At the end of 2019 and the beginning of 2020, many banks increased commissions and reduced costs, including by reducing payments under loyalty programs. This happened after the reduction of the key rate of the Central Bank.

Customers often learn about tariff changes already retroactively, that is, after an increase. What to do if the usual commission has increased, and you saw this after having completed the operation? Can I get a refund? Not. Refunds are most likely to be refused since the bank is not required to personally inform the client about the changes.

It is often said there that new tariffs are posted on the bank’s official website, as well as on stands in branches. That is, the client himself must periodically see if the tariffs have changed.

The client gives consent to this order of interaction by usaa routing number registering a particular banking product, although he may not even know what he is agreeing to. It is not necessary to sign a contract. Just check the box when filling out the questionnaire.

Loyalty Program Rules

When the loyalty program suddenly changes and the client receives less cashback than expected, there is not much pleasure in this. But you can’t complain again. The notification procedure is prescribed in the rules of the loyalty program of each bank. Using this program, the client automatically agrees to the terms of the credit institution.

For example, in the autumn of 2019 customers complained about the changes in the calculation of Cash Back “Multicard”. The bank reduced cashback and introduced restrictions on the duration of bonuses and miles. Internet users on the forums claimed that no one had personally warned them. Let’s see what is written in the rules of the VTB loyalty program, namely in the section “Procedure for Establishing a New Version of Bank Rules and Tariffs”:

“The bank is entitled to amend the rules <…>. Preliminary disclosure of information on amendments to the rules <…> is carried out by the bank at least 5 calendar days before the entry into force of amendments and additions to them. In order to familiarize participants with the changes <…>, the Bank places them by preliminary disclosure of information by any of the following methods.

  • placement of such information on the Bank’s corporate website www.vtb.ru and the program website;
  • other methods that allow the participant to receive information and establish that it comes from the bank.

In order to ensure guaranteed familiarization <…>, the participant is obliged to familiarize himself with the information posted by the bank, including by contacting the bank, on a monthly basis, independently or through authorized persons, to receive information about changes and additions. ”

The rules say in black and white that the absence of a participant’s refusal from the program and continued use of the card is an agreement with the new version of the rules. If he does not agree, then he has the right to refuse to participate in the program.


Current loan terms

With loans, the situation is different. The ban on changing the conditions unilaterally established in Art. 29 of the Federal Law of December 2, 1990 No. 395-1: “Under a loan agreement concluded with a citizen borrower, a credit institution cannot unilaterally shorten the term of this agreement, increase the amount of interest and (or) change the procedure for determining them, increase or establish a commission for operations, with the exception of cases provided for by federal law. ”

The same rule applies to entrepreneurs and Wells Fargo Routing number legal entities. But the parties are entitled to prescribe other conditions in the contract.

Sometimes the bank still has the opportunity to change the interest on an already issued loan. For example, if a floating rate is applied or if the borrower has not fulfilled the insurance obligation stipulated by the loan agreement for more than 30 days. The right of a credit institution to raise rates should be fixed in the contract.

Terms of open deposit

With deposits, the situation is similar. In the same art. 29 of the Federal Law of December 2, 1990, No. 395-1, states that a bank cannot unilaterally shorten the term of an agreement, reduce the amount of interest, increase or establish a commission on operations. However, the contract may provide for a differentiated rate (which varies depending on the term) or a rate tied to the key rate.

Legal advice

  • Before signing the contract, carefully read all its terms, and if you participate in the bonus program, read its rules in advance.
  • Regularly check the bank’s website for changes in tariffs and updating service conditions.
  • If, according to the rules, the bank is obliged to notify the client personally, but has not done so file a complaint.
  • If the bank unilaterally raised the interest rate on the loan or reduced the interest on the deposit, please contact the Federal Trade Commission and the court.

However, in fact, legal costs are much more than what the client lost. Therefore, it is better to deal with the unilateral actions of the bank by changing it.