Banks are obliged to inform citizens about fees for payment services, says Donovska-Gecheva

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Banks and savings banks, i.e. all providers of payment services, are obliged to inform citizens about the costs they charge, through an informative document on fees for payment services, with data in a standardized form. This is prescribed by the new Law on Payment Services and Payment Systems, which significantly strengthens consumer protection, said Biljana Donovska-Gecheva, an independent advisor in the Directorate for Payment Systems at the National Bank, in an interview with MTV.

The NB advisor stressed that the new regulation clearly and precisely prescribes even seemingly unimportant elements in the address of banks to citizens.

“From the information document, which is standardized, the citizen will find out all the conditions related to the payment services and will decide with which bank they will sign a contract, according to their own needs,” said Donovska-Gecheva.

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