Central Bank reveals new methods of distorting information on deposits on banks' websites

The Central Bank has registered cases when information about deposits on websites and mobile applications of banks is displayed incorrectly, the regulator's press service told Izvestia. They specified: such deposit promotion techniques do not formally violate the law, but do not allow the consumer to adequately and fully assess the terms of the product offered.

A feasible deposit: the average size of Russians' deposits has grown to 500 thousand rubles.

It increased by almost 22% in the past year

The Bank of Russia cited examples of such practices of deception. One of them is when financial organizations focus the consumer's attention on the highest possible deposit rate. For example, it may be highlighted in the most noticeable font.

In addition, banks may distort information in deposit yield calculators on their websites, the Central Bank listed. They may use preset marks, due to which a person sees the most favorable conditions on the deposit when visiting the page for the first time, the regulator said.

Another example of unfair practice is when websites display the rate of return, but without the interest rate, the Central Bank listed. At the same time, the legislation does not regulate how exactly the yield should be calculated, and the bank can apply its own methodology - eventually providing people with distorted information.

Read more in the exclusive material "Izvestia":

Yield article: Central Bank reveals new practices of deception in deposit advertising