Electronic contracts: bidding farewell to paper

Like in so many other cases, the emergence of the internet has brought about significant changes in how we take out bank products and services electronically. Opening an account online, shopping on the internet and signing on a tablet are now an everyday occurrence for us.

Banks offer new electronic communication channels to provide us with information and documentation and to ask for our consent to carry out operations.

The new laws make no distinction between digital media and paper. However, in order for our consent to be valid, banks must comply with the information obligations established by law, such as providing us free of charge with the full contents of the documents we sign and also giving them to us on a durable medium.

The new ways of taking out services online should not under any circumstance result in your rights as a bank customer being afforded a lower level of protection. Therefore, before signing, take your time and make sure you know:

  • the bank you are dealing with
  • the product’s features (price, expenses, etc.)
  • whether or not the contract contains a right of withdrawal and how to exercise it
  • how to file a complaint
  • the contact or email address for exchanging documentation
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