“The central bank has received a series of complaints regarding the manner in which some credit institutions have been lowering yields on time deposits for population while increasing the level of the fees levied, thus triggering situations when the customers collect less money than they had deposited,” the central bank said in a circular to commercial lenders.
“Moreover, such information has been widely presented in the media,” the circular, which was obtained by Mediafax, noted.
The central bank requested lenders take steps to remedy such situations and warned that their reputation may be at risk. Additionally, these types of practices would be in breach of the legal norms regarding the relationship between banks and customers.
Romanian banks gradually reduced interest rates on deposits over the past months, after the central bank has resumed its monetary easing cycle.
In the case of a three-month time deposit, with an interest rate of 2% to 4.25% a year, the depositors often find themselves having to pay bank fees that are actually higher than the yield collected.