Monday, May 22, 2017

Sberbank withdrawal fees ruled illegal by Sverdlovsk court

The Sverdlovsk region's consumer rights court ruled recently that Sberbank's practice of charging customers a withdrawal fee for withdrawals of more than $1,400 per day is illegal.

Under Sberbank's current policies, customers can withdraw a maximum of $43,000 per month from their personal accounts, at a maximum of $1,400 per day, before incurring a 0.5 percent fee, Ural Business Consulting reports.

The consumer rights court determined, however, that the fees are unlawful because withdrawals are regarded under Russian law as an instrument meant for settlement and cash transactions, and the bank has no authority to limit an accountholder's right to manage their own funds.