FTC requests correction of 79 unfair banking terms and conditions

The Fair Trade Commission said it has asked the Financial Services Commission to correct 79 of the bank's terms and conditions, judging that they violate customer rights and interests.

The FTC said it has examined 1,748 terms and conditions used by banks and mutual savings banks and uncovered 14 types of unfair terms and conditions.

A typical type is when a bank is allowed to arbitrarily suspend or restrict services for abstract and comprehensive reasons, such as "other bank-set reasons".


There were also provisions that omitted individual notification procedures, regardless of whether they had a significant impact on customer rights, and provisions that contained undue immunity to banks.

The Fair Trade Commission said it is reviewing a total of 4,200 financial terms and conditions and will ask the financial authorities to correct them as soon as the screening is completed by sector.

It also said it would work with authorities to ensure that the financial industry does not use unfair terms and conditions repeatedly.