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Watch out for unwanted financial products added to your accounts

Know your rights as a consumer
Written by CMN News Service

(NC) As consumers of financial products and services, we have rights with respect to the services and products we receive from our federally regulated financial institutions. In particular, we have the right to clear and simple information so as not to be misled in our transactions.

For example, before you agree to a bank-issued credit card or insurance, your bank must provide you verbal or written information about the product, the duration of the agreement, the cancellation terms, and any related fees. The bank must provide any explanations you need to understand the product or service offered.

When your bank offers its products or services, obtaining easy-to-understand information allows you to make informed decisions and choose the products or services that actually meet your needs.

Furthermore, before offering you a new product such as a loan or line of credit, your bank is required to obtain your consent. This means that your bank can suggest a product, but it’s up to you to decide whether to take it.

The same goes for optional products or services which, for a fee, could be added to another product or service you already have, such as mortgage insurance.

Even if you give verbal consent to receive a new product or service, your bank is still obligated to provide you with written confirmation of your consent as soon as possible.

Don’t feel obligated to accept a product or service from your bank if it doesn’t suit you. You have the freedom to shop around and compare offers before signing up for anything. It’s your right.

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