Bank of Russia and Federal Antimonopoly Service recommend notifying consumers about commission when making cash payments via ATMs and payment terminals

It has been recommended in a joint information letter prepared by the Bank of Russia and the Federal Antimonopoly Service of Russia (the FAS Russia) that credit organisations, bank payment agents, and other organisations that accept cash payments from the general public for a variety of services (including housing and communal services and mobile phone payments) disclose to consumers the commission amount charged on payments via ATMs or payment terminals before they have inserted money. The letter has been published on the Bank of Russia and FAS Russia websites.

The letter recommends that information about the cost of services be displayed on the screen in a simple and easy-to-understand manner, in a clear, legible typeface, and upfront: consumers should not have to carry out needless actions to find it, e.g. clicking on a link, or pressing additional buttons. It is also recommended that consumers be warned in advance whether the ATM or terminal issues change and whether it is possible to return money already inserted prior to final confirmation of the transaction if he or she chooses to cancel usage of the service.

‘It is vital that consumers are promptly offered full, reliable, and understandable information about the details of services provided in order to make an informed decision on their choice of organisation to use to make payments’, said Vladimir Tamozhnikov, Director of the Financial Market Development Strategy Department. ‘The measures proposed in this letter are designed to increase awareness among the general public about the conditions applicable to services provided, which will go some way to improving the competitive environment and increasing confidence in the financial market.’