What to look for when opening a deposit: Tips from NBU

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NBU gave some important suggestions to customers of banks who decided to open deposits

One of the most common banking products is deposits. The customer deposits “free” money in the deposit account and receives interest. Thus, you can not only save your money from depreciation, but also make money on it. The bank, in turn, attracts resources for lending to citizens and businesses.

According to the National Bank of Ukraine, about 7% of the citizens’ written appeal to the National Bank relates specifically to relationships on deposits. So regulator Explanation prepared For customers of banks who have decided to open deposits.

1. Automatic extension of deposit period is possible only after your consent.

Imagine the situation: A customer opened a deposit in the bank with a deadline of August 24. Due to the holidays, he was only able to contact the bank on 25 August. And then he came to know that the bank automatically increased its deposits. Indeed, under the terms of the contract, the customer had to contact the bank within five days before the expiry of the deposit. In this case the bank did not violate the customer’s rights. However, automatic extension of the deposit validity period is possible only if the customer has agreed to it: signed an agreement with this condition or ticked the box in the relevant field in the mobile application.


National Bank of Ukraine

2. If you want to be able to withdraw funds quickly from the deposit in the event of a “Force Major”, then this condition must be provided for the contract.

Here is another situation: The customer opened a deposit for a period of 12 months. But due to unforeseen circumstances money was required first. The client asks the bank to take part of its fund without interest. But, if such an opportunity is not provided in the contract, the bank may refuse.


National Bank of Ukraine

3. The contract should provide for clear terms for refund of deposit and possible fees.

The customer has bank deposits in foreign currency. After the deposit expired, he wanted to transfer funds from the deposit to the current account. But he came to know that the bank has temporarily started a commission on the withdrawal of the Foreign Exchange Fund. The bank’s tariff indicates that the withdrawal fee does not apply to interest and deposits. That is, if the customer wants to transfer funds to the account after the expiry of the deposit period and withdraw cash in cash through the cash desk, there should be no commission. However, to avoid unforeseen situations, it is worth emphasizing that the contract provides for clear conditions for refund of funds and potential commissions.

4. How to avoid unpleasant situations?

Before signing a deposit agreement, you should read it carefully. It is worthwhile to carefully study all the situations, nuances and risks. If, in your relationship with the bank, a situation still arises in which the bank has, in your opinion, breached the terms of the contract and your rights, write a letter addressed to the management of the financial institution. If the bank refuses to complete and ignore the complaint, you should contact the NBU.

Further investigation: How to save your deposit and make money: choose the best deposit


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