Bank of Russia issues reminder: customers are entitled to obtain information about their overdue consumer loans on a no-fee basis
Financial organisations must inform customers about arising overdue outstanding amounts under consumer loan agreements on a no-fee basis. This is discussed in the Information Letter, posted on the regulator's website.
The Bank of Russia has identified instances when, at the moment of signing loan agreements, banks or non-bank financial institutions offer their customers a fee-based service whereby the latter are informed about the state of overdue debts. However, according to legislation, such information shall be provided to borrowers free of charge within seven days of its occurrence. This is stipulated by Federal Law No.