Experts detail important modifications anticipated for banking service consumers in the initial month of autumn.
Starting September 1st, a series of legislative amendments will come into effect, fundamentally altering the rules of service for individuals in banks. For some clients, these changes will bring advantages, particularly concerning access to loans and protection from unsolicited services. Conversely, other innovations will introduce complexities, such as new restrictions on ATM cash withdrawals. Experts have weighed in on both the benefits and drawbacks of these impending reforms.
Expanded Opportunities for Obtaining Loans
From September 1st, the Central Bank has reduced macroprudential surcharges for specific types of loans. This adjustment aims to make it easier for citizens to obtain loans that qualify for these relaxed conditions. Specifically, the reductions will apply to unsecured loans with a total cost of credit (TCC) of 60% or more for clients with a debt burden exceeding 80%, as well as credit cards with any interest rate (excluding those with a TCC above 60%). Additionally, the easing will benefit car loans and mortgages for under-construction housing under equity participation agreements with a down payment of 20-30% for borrowers with a debt burden of 50-70%.
Elman Mekhtiev, CEO of the Association for Financial Literacy Development:
«The Central Bank`s policy of limiting debt burden through macroprudential limits (MPLs) is yielding results: these surcharges not only constrain the capital of credit institutions but also reduce their capacity to lend to those whose debt burden falls within the Bank of Russia`s defined thresholds. Therefore, maintaining MPLs at the current level will encourage an increase in lending but could also lead to higher default rates. Borrowers who effectively manage their personal finances and maintain a debt burden below 50% even after taking out new loans will benefit most. This might also have a minor impact on the secured lending market. However, these changes will not lead to an overall increase in debt burden, as the Bank of Russia does not intend to abolish or ease MPLs. On the contrary, the Central Bank has already published a roadmap for refining debt burden calculation, which involves confirming income solely through state information systems.»
Vladimir Chernov, Analyst at Freedom Finance Global:
«The positive aspect of this innovation is the expanded access for individuals to mortgages and consumer loans, along with reduced barriers for potential borrowers. The downside is the inevitable increase in debt burden for a portion of the population. Furthermore, there`s a risk that banks might offset these concessions by raising their base interest rates.»
Prohibition of Imposed Additional Services
As of September 1st, a new provision of the «Consumer Protection Law» has taken effect in Russia, prohibiting the imposition of additional goods, works, or services on consumers. Sellers are now required to obtain separate written consent for providing such extras, rendering automatic selections and pre-checked boxes in online forms illegal. Consumers gain the right to refuse payment for these services and to reclaim their money if they have already paid. These regulations apply fully to banks offering financial services to the public.
Elman Mekhtiev, CEO of the Association for Financial Literacy Development:
«One area where consumers particularly feel the `pain` of imposed services is the financial sector. The Bank of Russia is working to reduce consumer dissatisfaction with additional services, including their forceful imposition. This is achieved both through legislative changes (extending the period during which one can refuse any service without financial loss) and by introducing requirements for such services to have real `added value` for the consumer. All revenues of financial institutions are reflected in their reports, and naturally, any changes will lead to a reduction in the share of income derived from such services. Many companies value their reputation, which is especially crucial in the financial market where trust is key to attracting and retaining clients. However, there will always be those who wait for supervisory bodies to impose fines. Unfortunately, in most countries, consumers are quite passive in defending their rights and interests concerning personal finances. This situation can and must be improved through increased financial literacy.»
Ivan Samoylenko, Managing Partner at B&C Agency:
«Most often, additional services are imposed by banks (e.g., life and health insurance when taking out a loan), car dealerships (insurance, vehicle servicing, various accessories), ticket vendors (insurance, extra baggage fees), and medical centers (which may offer services already covered by mandatory health insurance). These new regulations will clearly lead to a reduction in revenue for companies across various sectors: buyers will become more vigilant and can refuse to consent to supplementary services. However, the possibility of refunds may not always be guaranteed if such a clause is not stipulated in the documents. Consumers should carefully review all terms when signing an agreement. Companies will need to adapt to these changes and train their staff to offer additional goods or services more tactfully. This could result in increased operating costs for sellers.»
Potential Restrictions on ATM Cash Withdrawals
Starting this autumn, new restrictions on cash withdrawals from bank cards via ATMs have come into effect in Russia. Now, if fraud is suspected, banks will be able to temporarily limit withdrawals to 50,000 rubles per day. These restrictions, effective from September 1st, aim to combat «dropping» and other illicit cash-out schemes, including those where individuals act under duress from criminals. Credit organizations are required to scrutinize transactions for signs of cash being withdrawn without the client`s voluntary consent. If such an operation is detected (e.g., a client withdrawing an uncharacteristically large sum in an unusual location, or making multiple incorrect PIN attempts), the restriction will remain in place for 48 hours, after which it will be automatically lifted.
Andrey Loboda, Economist, Top Manager in Financial Communications:
«Banks are now authorized to limit the withdrawal of large sums of money at ATMs when there are signs of fraud. The limit is set at 50,000 rubles for a two-day period. This innovation is designed to protect clients, especially those who might fall under the influence of fraudsters. For honest clients, the option to receive funds at a bank branch with identity verification remains. However, a potential weakness is that the system might erroneously block legitimate transactions. It will take some time for it to `learn.` It is critically important for banks to react promptly to erroneous blocks and minimize delays. For people who urgently need large sums, the new rule will be a certain inconvenience. On the other hand, this regulation will encourage more careful financial planning. Perhaps some expenses will indeed turn out to be unnecessary.»
Denis Astafyev, Head of Fintech Platform SharesPro:
«As a financial expert, I view the new cash withdrawal restrictions not as a strict prohibition, but rather as a `behavioral protection` tool. The introduction of a 48-hour, 50,000 ruble limit when anti-fraud indicators are triggered effectively disrupts typical fraud schemes: criminals will no longer be able to instantly force a client to withdraw all their savings and hand them over to a `courier.` This creates a time buffer during which the bank can verify the transaction, and the client can recognize the potential risk. At the same time, access to funds is maintained: large sums can always be obtained at a bank office, which reduces the likelihood that the innovation will be perceived as infringing on the rights of honest citizens. For clients with a transparent financial history, the impact will be minimal—this measure will only activate in atypical scenarios where operations clearly deviate from their usual pattern. In a broader context, this decision further encourages a reduction in cash circulation, making cashless transactions even more convenient and secure. Yes, there remains a risk of overzealousness and false positives, but with clear Central Bank regulations and transparent anti-fraud algorithms, the scope for abuse is minimized. The key success factor here is the quality of the models banks use to identify `suspicious` operations: the more precise and transparent they are, the higher the clients` trust in the new mechanism.»
Ivan Samoylenko, Managing Partner at B&C Agency:
«It is unlikely that this measure will significantly affect honest clients or lead to a reduction in cash circulation. Our country already has a very high proportion of cashless payments, approximately 85%. Banks will monitor transactions that stand out from a client`s usual behavior. For example, if a person receives a stable monthly salary, uses part of it to pay loans, utilities, and make purchases in stores (cashless), and withdraws the rest, this will not raise suspicions. However, if the same client suddenly starts withdrawing their entire salary at once and does so regularly (i.e., changes their usual behavior pattern), this could raise questions. Similarly, using a different ATM (we usually use the same locations) or transferring a very large sum could also arouse suspicion. Therefore, when withdrawing cash, it`s advisable to consider this potential limit and try to withdraw amounts less than 50,000 rubles within a short period (for instance, one week).»
