Banks that do not immediately reimburse their customers who are victims of bank fraud will be penalized. Customers will receive compensation from the second day.
Banks will no longer have to drag files. Three amendments which aim to encourage banking establishments to reimburse customers damaged by bank fraud more quickly, have just been adopted on Monday 11 July, reports Capital.
They are included in the bill on the protection of purchasing power which was examined by the Economic Affairs Committee. Banks will now be penalized financially if they are late reimbursing customers.
Compensation ranging from 13.15% to 33.15%
The amendments tabled by several deputies of the New People’s Ecological and Social Union (Nupes) and the National Rally (RN) indicate that banks must reimburse victims of fraud immediately, and in any case no later than the end of the first day next business day, in accordance with article L133-18 of the Monetary and Financial Code.
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If the banks do not react, the amounts due will bear interest at the legal rate plus 10 points. Beyond 30 days, the penalties will be increased by 20% per month of delay detail the articles. Considering a legal interest rate set at 3.15% in the second half of 2022, this means that banks will have to pay an additional 13.15% of the amount due, from the second day. If nothing is done after one month, the customer will be compensated up to 33.15%.
One out of six bank frauds is not reimbursed
On the side of the UFC-Que Choisir, which pushed the adoption of these amendments, it is satisfaction. If these sums do not represent a very high amount for a bank, collectively, they would be extremely dissuasive, underlines Matthieu Robin, project manager for the financial sector at UFC-Que Choisir. Currently, no sanctions are foreseen against banks who do not respect the deadline adds Matthieu Robin.
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Worse, not only are the banks in no hurry to reimburse their customers, but they also make sure not to compensate them by using remedies, pointing in particular to the negligence of their customers. One out of six bank frauds is not reimbursed by the banks, he recalled during the presentation of the reasons for the amendments adopted by the Economic Affairs Committee. This represents 250,000 frauds per year.