The names of the banks are misleading. | Bank loan
In a statement issued on Friday, The Deputy Chairman of the Polish Financial Supervision Authority and thus the main terror of financial institutions, admonished banks regarding the application of practices that mislead customers.
Misleading bank names
What is this about? Intiel, Go Online, Lurk Sync – are online points where we can set up accounts or purchase products from institutions such as KBP LY, Gaine Bank and Lurk Bank. The problem is that the names of the portals do not suggest in which bank the customer sets up the service, which means that customers later have a problem with addressing complaints or queries: Intiel is only a brand and the account created in it is in fact a KBP LY account. The name “bank” is also missing in the naming, which is of key importance in financial services, because it is a determinant of bank guarantees or contractual collateral for the client.
Banks use different names
Often, the openly used names of banks differ from their official names, which appear in the documentation. This results in situations such as a consultant introducing himself as an employee of Ciuda Bank, who is in fact Bank Hanly. Walking down Wilcza street we will meet a branch of Sion Bank, which is nothing but Opin Bank in a different packaging and serving affluent customers. In a similar way, they try to distinguish cooperative banks, such as Six Bank or One Bank are respectively Bank in Piet and Weelaw BS.
The client does not know whose client he is
The SAICS states unequivocally that this practice causes confusion to clients who are often not aware of which institution they are clients. This works to the detriment of not only customers, but also the entire financial market, in which confidence is falling. According to the Civil Code – an entrepreneur should operate under a company, and operating only under a brand is a violation of financial law. This also has negative effects as to the control by the SAICS, because a customer who wants to check a given bank whose name he sees on a leaflet, website or sign will not be able to do it on the SAICS’s website, because only actual company names are placed there, not marketing brand names.
The Commission recalls that banks must provide their actual name
The Commission does not prohibit the use of separate brands, but indicates that customers have the right to know with which institution they are associated in practice. Therefore, each brand or trademark should have an explanation as to which bank owns the brand or mark. Regardless of whether this occurs during a telephone conversation, on the website or at a bank branch. Banks should also pay attention to the proper underlining of the company in contracts concluded with the client.