Luckily small print is no longer so “small”
Did you know that small print in contracts cannot be smaller than 1.5 millimetres? Did you know that all relevant information to be delivered before signing a contract must be highlighted?
Banks determine the conditions of the products they offer, so there’s not much room for negotiation. Therefore, it is essential to be well informed. Banks are obliged to draw up contracts in a clear and understandable manner for customers, so if you have any doubts don’t hesitate to ask.
When reading the bank’s advertising, the pre-contractual information or the contract itself, you must remember to look closely at the following information that we often forget to check:
- The cost of an early cancellation, a default and overdrafts.
- What happens if the holder passes away.
- Implications due to change of residence.
- Applicable conditions to a possible renewal.
- Prior notice periods for cancelling the contract.
- Implications if the account is joint, compared to a separate account.
- How the contract may be modified and which are our rights, should this occur.
In any case, read all the information carefully and if you have further doubts, don’t hesitate to ask. Do not sign a blank cheque to the bank.
A Court of first Instance recently ruled that the terms of a contract were abusive “owing to lack of clarity”, since the font size used was 0.5 mm.