Amendment against greed - Law on Protection of Users of Financial Services adopted

Banks in Serbia will no longer be able to unilaterally change the interest on approved loans, while the interest rate will have to be determined clearly and precisely. This is stipulated by the Law on Protection of Users of Financial Services, which was adopted by the Parliament of Serbia on Wednesday.

The Law protects users of banking services, financial leasing and credit cards.

It will ensure a fair relation between banks and credit users, as well as the financial agreement users' right to be kept up to date in order to be protected from any kind of discrimination in their relation with business banks.

The Law makes it possible for users to terminate a concluded loan agreement, overdraft agreement, credit card issuance and use agreement, and a financial leasing agreement within 14 days from its conclusion without stating the reasons for the termination.

In case of unauthorized use of a debit card, the user shall report that to the bank, while the losses he or she will have to cover can amount to maximum RSD 15,000.

In the future, users will not be charged for closing their accounts or debit cards.