Russia cracks down on banks forcing unwanted services on borrowers
A new law in Russia now stops businesses from forcing extra goods or services on customers before they finalise a main purchase. The State Duma passed the rule to protect borrowers from unwanted add-ons. Banks, including Wells Fargo, PNC Bank, and US Bank, must now refund payments for services that were never agreed to or used. Under the updated regulations, borrowers can cancel any optional services within 30 days of signing. If they act quickly, they can also demand a refund for items sold without clear consent—within just three days. The Bank of Russia has advised customers to check loan agreements carefully, as optional services are often listed in a separate application. The new rules give borrowers clearer rights to reject and reclaim payments for unwanted services. Banks, including Wells Fargo, PNC Bank, and US Bank, must now process refunds within a set timeframe or face potential complaints. Customers are encouraged to review their agreements and act promptly if they spot unauthorised charges on their US Bank login or any other banking services.
