Financial Supervisory Service warns consumers of preferential interest rate financial products
“You have to consider the real benefits along with the preferential interest rate before signing up”
Photo = Getty Images Bank.
The Financial Supervisory Service issued a consumer alert ‘caution’, saying that complaints related to preferential interest rate financial products are continuing.
According to the Financial Supervisory Service on the 24th, the interest rate paid to customers of 21 types of products with maturity among special sales deposits and savings accounts launched by five major commercial banks from January last year to the end of September this year was an average of 78% of the highest interest rate announced at the time of subscription. was found to be In two of these cases, the interest rate received by the customer at maturity did not even reach half of the highest interest rate.
In the case of special sale affiliate products that pay high interest, only 7.7% of customers who met the preferential conditions and received preferential interest rates. This is because it is more difficult than expected to meet the preferential interest rate payment requirements, and many customers give up halfway due to the limited amount of deposit and subscription period, which results in little profit.In particular, in the case of savings products, the actual amount of interest received often falls short of consumer expectations as the accumulated amount gradually increases. For example, if there is a monthly deposit limit of 100,000 won in a fixed deposit with a maturity of one year and an interest rate of 3%, the interest you will receive at maturity is only 19,500 won, even if you continuously deposit savings every month. This means that only 1.6% of the total paid-in amount of 1.2 million won is in the hands.
The Financial Supervisory Service (FSS) urged consumers to examine the preferential rate payment conditions in detail, saying that although consumers are very interested in special sale deposit and savings products, the number of cases where consumers misunderstand the preferential rate payment requirements due to insufficient explanations from financial companies is increasing. Contrary to the fact that the preferential interest rate is written in large letters that are conspicuous, the conditions for applying the preferential interest rate are written in small letters. advice you should do.
At the same time, the Financial Supervisory Service (FSS) ‘confirms the preferential rate payment conditions described in the terms and conditions and product description’, ‘confirms the actual benefits reflecting the possibility of meeting the preferential rate payment conditions, the payment amount and deposit period, etc.’ Comparison with the benefits at the time of ‘, ‘consideration of the penalty for early termination’, etc.
An official from the Financial Supervisory Service said, “If interest rates continue to rise in the future, there may be an increase in the number of premature terminations to change to high-interest-rate products or to secure liquidity.” You can consider other products,” he said.
Kim Soo-hyun, reporter at Hankyung.com ksoohyun@hankyung.com
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