When you take out a personal loan , a mortgage loan, vehicle credit, a credit card , etc. You always have to sign a contract, but have you read everything it says on it before putting your signature?
Many people do not and end up paying for services they did not request (such as those annoying personal insurance that you sign without being interested). Or perhaps they accept clauses that can increase their payments if the bank’s policies change.
This is not illegal and it is written in your contract. Therefore, you must read the information before signing it. If you have already signed and do not know what your contract said, you can still ask to check all the bank’s clauses. Here I tell you a little more so you know what to expect. Learn what banks can change in your credit conditions .
Commissions may vary against
Depending on the contract you signed, the bank may vary costs such as interest rates and expenses, as well as the fees charged. It is important that you know that when this happens, the bank is required to contact you to inform you of these changes. That way you can anticipate payments from your monthly statements.
While banks can modify their policies at any time, they cannot apply them instantly. What does this mean? Well, if the bank informs you that today it has been decided to increase the costs of its commissions, this will not be effective in your statements until 45 days later.
Commissions may vary in favor without informing you
When the bank decides to reduce its commissions, it is not obliged to notify you. And it is that since it is a decrease that obviously benefits you it can be applied at the moment. That is, you will not have to wait 45 days to see lower charges on your statement.
Always read what you sign and do not be impressed by the lips of those who offer you the bank contract.
Ask all the questions you think necessary before signing and if you still have doubts, don’t sign! There are other banks that will be more transparent with you and may even offer you more benefits for your loans, credits, cards , etc.