Donovska Gecheva from the National Bank: Banks are obliged to provide citizens with an informative document on the fees they

Skopje, 6 March 2024

Banks are obliged to give the citizens, before providing the payment services, the so-called informative document with a standardized structure, concepts, terms and definitions, for the fees they charge. The goal is to give citizens more information and the opportunity to compare fees, before deciding which bank to choose for providing their payment services, Deputy Director of the Payment Systems Department at the National Bank, Biljana Donovska Gecheva, said for Kanal 5 Television.

"The Law on Payment Services and Payment Systems aims to ensure transparency and consumer protection. In accordance with the Law, the National Bank has prescribed eleven most representative services relating the payment account and allow comparison of fees. Since last September, a tool has been installed on the website of the National Bank through which citizens can compare the fees charged by payment service providers, by bank or type of service. The tool can be easily used, but if the citizens need additional information, explanations are also provided" said Donovska Gecheva. The Deputy Manager stressed that the banks are obliged, at the beginning of the year, to submit a report to their users on the fees they charged them during the previosu year.

Donovska-Gecheva said that the framework contract between the bank and the payment service users is a key document, which regulates the rights and obligations of both parties. "For the first time, the Law determines the content of the framework contract, and in that sense, all the provisions prescribed by the Law on greater consumer protection, pertain also to contracts that citizens have concluded before this Law became effective, that is, before 1 January 2023. However, if citizens are not satisfied with the provision of a certain payment service according to the contract, they have the right to submit an objection to the bank whose services they use, and then, a complaint to the National Bank. We act accordingly to citizens' complaints", Donovska Gecheva said.