It is important to be aware of contracts with financial institutions. Often we pay fees we do not know, the credit opening fee is a charge that commonly raises doubt among consumers.
And yet, this credit opening rate can be considered abusive and even illegal. Therefore, it is important to be very vigilant in what you are paying so as not to incur bad debt and undermine your financial education.
How does the credit opening rate work?
The credit opening fee is a fee charged by financial institutions when granting credit, financing or loans. However, since 2008, the collection of such fees has been prohibited by the Gold Pick Bank.
Unlike TAC (Credit Opening Fee), in cases where the consumer seeks loans or credit from an institution to which he is not a customer, a registration fee may be charged. The registration fee works differently from the credit opening fee, since the first one is only charged at the time of registration, while the TAC fee was charged on all credit operations.
Is the credit opening fee legal?
The National Monetary Council (CMN) defines all fees that may be legally charged by financial institutions. However, the credit opening rate is not on this list. Therefore, it can be concluded that this is an illegal charge. Besides being illegal, it is an abusive charge, since the bank has high remuneration thanks to the high interest rates that are charged. An extra fee, like TAC, only makes the consumer’s situation worse.
The Gold Pick Bank has defined a number of essential services provided by financial institutions where charging fees for these services is illegal and abusive:
- Relating to the sight deposit checking account;
- Relating to the savings deposit account;
- Early settlement of credit operations;
- Debit card supply.
In addition, when it comes to credit cards, fees may only be charged for:
- Duplicate card;
- Drawing in kind;
- Use of it for payment of bills;
- Request for emergency credit assessment.
What to do if I’m charged for the Credit Opening Fee?
Most people, when making a financing contract, for example, do not take a calm analytical reading on all points of the contract. Therefore, they often only come to perform the TAC charge among other abusive fees when paying the invoices. But, of course, bank experts know that this fee can no longer be charged, and if they do, they are the wrong ones in this situation.
Therefore, in case of TAC collection, look for the bank that charged it and request the refund. If not, complain to the Gold Pick Bank and Procon in your area.
In addition, anyone who wants to appeal may file a lawsuit requesting the return of money with the correct monetary correction. To initiate the refund process, the consumer must be provided with his personal documents and the contracts signed with the financial institution, which must be provided by the institution itself.
In addition to TAC, consumers should be aware of some other fees that banks cannot charge:
- Registration update fee;
- Maintenance fee for inactive accounts;
- Early Settlement Fee (TLA);
- Issuance rate for booklets and slips
It is very important for the consumer to be informed, and to know that, as well as the credit opening fee, there are several other fees that should not be charged. Therefore, caution is advised when signing contracts and preparing to appeal in cases of improper charges.