DILI, December 21, 2021, (TATOLI)- The Consumer Defense Association of Timor-Leste, TANE, has identified several banking services that violate consumer rights.
According to the Performed analysis from TANE, many of the services provided and inter-bank movements have high costs for Timorese consumers.
“An example is the withdrawal of $50 over the counter, which can cost between 15 cents and 5 US dollars. The maintenance costs of a current account can be between 3.6 and 35 US dollars, without the inclusion of any other service, such as bank statements or debit card,” the statement said.
It is also explained that The analysis made by TANE was between October and November 2021 on the banking services of BNU Timor, Mandiri Bank, National Commercial Bank of Timor-Leste (BNCTL), and Banco Rakyat Indonesia, (BRI).
While it is also stated that, The ANZ bank refused to provide the information requested by TANE, which any consumer should easily access.
“TANE investigated the information provided to consumers through the main banking entities, both on their websites and at branches,”
The investigation was conducted based on legislation on consumer protection Law No. 8/2016, of July 8.
It is said that TANE’s study had proved that banks did not provide the necessary information to consumers and the documentation related to services is not reflected in the official languages of Timor-Leste, Portuguese, or Tetum.
TANE has also verified that there is no standardization of laws and regulations governing the activities of banking entities.
TANE requested the intervention of the Central Bank of Timor-Leste to adopt a legal regime and special regulatory rules to ensure the protection of the rights and interests of consumers in banking services to ensure clear information, submit monthly and annual banking reports, among other things
Journalist: Jesuina Xavier
Editor: Maria Auxiliadora
Translation: José Belarmino De Sá
