The State Bank prohibits it but borrowers continue to be forced to buy insurance. How can they report it without affecting the loan amount they need to borrow from that bank?
Selling insurance is a good source of profit for many banks - Illustration photo: QUANG DINH
That is one of many comments sent to Tuoi Tre Online by readers about the new trick of forcing borrowers to buy insurance.
Four times to buy insurance to get disbursement
Despite the prohibition, the situation of forcing people to buy insurance from banks still exists.
According to reader Tuan Lo Gom: "Of course, banks do not force customers to buy insurance, but there are many ways to force customers to buy insurance."
Reader Ngoc Thanh pointed out one of those ways: "Banks never force customers to buy insurance, banks only force their employees to sell insurance. So when violations occur, banks just put the responsibility on employees by assigning service fee targets."
Reader Quoc Anh said: "I was also forced to borrow 500 million to build a house. The staff made me go back and forth asking for all kinds of documents. Finally, they called and asked me to buy a 10 million risk insurance package for me. After buying it, it was considered a loss of 10 million."
Account pham****@yahoo.com sadly said that he had to buy five insurance contracts in a row, but he really didn't need them, he just bought them to complete the bank procedures to disburse.
Notably, reader Nhat Nguyen also said: "Not only was I forced to buy insurance, but I was also forced to open a beautiful account number with a fee.
Similarly, reader Minh Hung was also forced to buy not only insurance, but also a nice account number, bonds... because "if he didn't buy it, his loan wouldn't be approved".
"I borrowed money, if I don't buy 20 million insurance, I have to buy a nice account number for 15 million" - reader Nguyen Hoang said.
Reader Hug asked: "I am a victim who bought insurance four times to get disbursement. All sanctions are based on evidence to handle, but how can there be evidence for forcing people to buy insurance?"
"Even though I had made it clear from the beginning that if they forced me to buy insurance, I wouldn't borrow, the bank said they wouldn't force me, just go through the loan procedures. But then when the procedures were completed, just waiting for the disbursement, the day I needed the money was approaching, the bank turned around and forced me to buy insurance. At that point, the customer was in a corner, what should we do?" - reader Thanh Vu was upset.
Account cong****@gmail.com shared: "If the State Bank prohibits it, it prohibits it. But if the borrower continues to be pressured, how can they report it without affecting the amount of money they need to borrow from that bank?"
According to reader Doan Hoa: "If the borrower does not buy additional insurance (even though forced), he will not be able to borrow money or will be able to borrow with stricter conditions, so he "bites the bullet" and buys it. At this point, it becomes "voluntary" and no one forces him anymore.
So it is difficult for the bank to handle even though the penalty is very high."
Punish the insurance company
To end this situation, a reader with a Saigon account believes that the State Bank must resolutely impose heavy penalties on banks that force borrowers to buy insurance.
Reader Le Nghia spoke up: "I borrowed 800 million and lost more than 20 million on insurance. I'm very angry but I have to grit my teeth and bear it. I hope the government has strict regulations and sanctions."
"Banks force customers to buy insurance in any form, despite strict prohibitions from the State Bank, but the situation still occurs.
Some banks even sign cooperation contracts with insurance companies and arrange insurance staff to work within the bank.
To end this activity, it is necessary to issue strict legal documents and strictly handle violations.
"Insurance companies that intentionally or unintentionally allow borrowers to buy insurance will also be severely punished" - Nhac Xua account suggested.
Sharing with Tuoi Tre Online , lawyer Tran Minh Hung (Ho Chi Minh City Bar Association) said that the law strictly prohibits forcing customers to buy or sign insurance contracts. It prohibits linking the sale of non-compulsory insurance products with the provision of banking products and services in any form.
In addition, there are also sanctions in case organizations and individuals commit this act.
In the draft Decree 88, the State Bank stipulates a fine of VND400-500 million if banks attach non-mandatory insurance products to the provision of banking products and services in any form. This fine is added to be compatible with the Law on Credit Institutions, which will take effect from the beginning of July 2024.
However, there are still shortcomings in banking regulations that do not mention any form of insurance that is mandatory for borrowers. In addition, the law does not define what it means for customers to be "forced".
Therefore, there needs to be a clearer legal basis so that people can understand and have a basis to complain and reflect if they feel they are really being pressured.
When signing an exclusive contract, the bank can receive up to thousands of billions of dong in kickbacks from the insurance company. "The fine for violating the sale of life insurance and health insurance products is still light and not enough of a deterrent," said lawyer Hung.
Ms. Ho Thi Ngoc Nhu - Head of the Life Insurance Claims Support Department, Academy of Insurance and Financial Risk Management (IFRM) shared that the situation of forcing people to buy insurance when borrowing from banks is less challenging than before, but still exists.
With forced selling, there is a risk that customers will not be compensated when an incident occurs. Therefore, authorities need to be more drastic and have a strong penalty mechanism.
The Banking Inspection and Supervision Agency in coordination with the Insurance Supervision and Management Department (Ministry of Finance) has set up a hotline to receive and handle feedback and recommendations from people related to insurance sales activities through banking channels.
- Hotline: (024) 3826 6344, (024) 3936 1017 (office hours)
- Email: [email protected]
Source: https://tuoitre.vn/bi-ep-mua-bao-hiem-tai-khoan-so-dep-cach-nao-to-cao-20241207172001125.htm
Comment (0)