Banks, Financial Services, Latvia, Legislation, Loan

According to the Consumer Protection Center, interest payments indicated in these agreements are calculated using higher interest rates than those provided in the agreements. Once the bank rectifies the mistake, monthly payments will decrease for the bank's clients who have signed agreements with the bank during the said period.

According to the Consumer Protection Center, should the bank's customers have been aware of this, they could have decided against signing the agreements and chosen another bank instead.

According to the Consumer Protection Center, several dozen thousand customers of Bigbank are concerned in this case.

Given the gravity of the offense, the Customer Protection Center has fined Bigbank EUR 13,000 and ordered the bank to correct the agreements with these customers.