Senator Glushkova warned about hidden tricks of banks to deceive depositors

Sometimes the attractive terms that banks use to attract depositors can turn out to be a trap. Irina Glushkova, Chairman of the Committee on Financial Literacy of the Moscow State Educational Institution OPORA RUSSIA and financial adviser, told Prime agency about such techniques on January 20.

According to her, a high interest rate can only be offered for a short period of time — a couple of months, after which it falls below the market level.

"When you discover this, you want to take your money. Yes, you can withdraw it, but at the same time you lose all the interest that was accrued in the first months," she warned.

Glushkova noted that common tricks include charging interest only on a portion of the amount, manipulating capitalization, changing the rate when withdrawing or replenishing a deposit, and automatic rollover on less favorable terms.

The financial adviser stated that banks can also impose paid services, include an investment component in the terms, or promise high income only in words.

These risks can be minimized by carefully studying the contract, especially the fine print. If the document has already been signed, it will be impossible to change the terms in your favor, Glushkova concluded.

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