Hidden payments: where are they hiding and what to do about it?

Hidden fees (or hidden fees) are fees that are charged for additional services: in addition to what the user originally ordered or bought. Attention is not usually focused on them. In a word, these are exactly those payments and commissions that are most often prescribed in the agreement in small print.

Here are some examples. Hidden payments in the field of lending are any commissions in excess of the interest on the loan. They increase the real interest rate in relation to the originally declared one. In the field of telecommunications, a client without a request can connect additional services, which are difficult to refuse. The only way to know if your account is being debited for services you don’t need is to monitor recurring payments, paying special attention to the industries where such cases are most often registered. First of all, these are banking services, subscriptions to various electronic services or telecommunications services.

Banking services

Classic hidden payments in this area are fees for servicing accounts and cards, commission for replenishing an account or withdrawing funds from it, commission for early repayment under a loan agreement, and so on.

All expenses must be specified in bilateral agreements between the financial institution and the client. The financial institution is not allowed to charge additional or unknown fees that were not previously agreed.

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