Banks to disclose reasons for blocking cards and suspending accounts
Bank customers whose account and card transactions have been suspended or whose access to remote banking (for example, via a mobile application) has been restricted should know the reasons for this and the steps they need to take to regain their access to the banking services. This follows from the Bank of Russia information letter.
Currently, many people do not understand why their cards have been blocked and how to solve this issue, since credit institutions sometimes fail to clearly explain the reasons behind their actions.
In its letter, the regulator emphasises that banks should inform their customers as to which provision of the exact federal law authorises the decision. Banks should clearly distinguish between the requirements of Law No.
At present, the regulator registers cases when banks referring to both laws simultaneously have no sufficient grounds for imposing double restrictions. This practice is also unacceptable and banks should avoid it.
The Bank of Russia will make sure that credit institutions comply with its requirements.