Saturday, December 20, 2014

Consumers: Heiko Maas wants new rules of overdraft facilities – Spiegel Online

Consumers: Heiko Maas wants new rules of overdraft facilities – Spiegel Online

Berlin – The German government wants to protect bank customers better in the future from expensive dispatchers and construction loans. Minister of Justice Heiko Maas (SPD) has therefore been implicated, according to a newspaper report, a law on the way: To protect the consumer banks and financial institutions should be required to clearly publish the MRP interest rates on their homepage. This was reported by the “Daily Mirror”, which refers to the first draft of the new legislation

Maas wants the banks also force you to inform customers under certain conditions on alternatives to overdraft facilities -. For example where the MRP longer than account for three-months or overdraw the account with an amount that exceeds their average monthly payment. “Many MRP users do not even know that there are cheaper alternatives,” Maas said the newspaper

When building loans the Minister of Justice is planning more transparency – even for the safety of the banks themselves. So to consumers in the future a leaflet with all relevant credit information obtained before signing any contract. In addition, the banks should be forced by law to review the creditworthiness of the bank customers. As a result, Maas wants to prevent loans burst. In addition, standards should be introduced in advising mortgages, according to the draft.

The recommendation, which, in the opinion of the bank loan is right, should also be written as evidence, to be issued in a documentary. This should also apply in cases where the consultants come to the conclusion that he can recommend anything and therefore the business fails.

“By law, we will achieve a number of improvements for consumers in real estate loan agreements,” Maas is quoted.

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