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Your Rights and Responsibilities as a Consumer

As a client of a financial institution, you have rights and responsibilities. For example, you have the right to choose the best product for your situation, and the bank has the responsibility to give you the information you need to do that. Once you have agreed on a loan or other product, you are responsible for meeting the terms of the agreement the bank has the right to enforce those terms.A right is something to with one has a just claim because it is good, proper or ethical.A responsibility is an obligation or duty one must honor – something which must be done as a result of contract or agreement.

1. You have the right to be treated with respect and dignity. Every employee and/or representative of the institution or member of your group should be committed to affirming your dignity, be respectful of cultural and gender differences, and reject abusive collection practices.

2. You have the right to decide which products or services you want to use. You need to compare different products before choosing the one that is right for you and your family. You have the right to choose among different products without pressure from any institutional representative.

3. You have the right to receive clear, truthful, complete and timely information. To fully understand the terms and conditions of the services you are choosing, you have the right to complete information and answers to all of your questions. The staff serving you should dedicate the time you need to grasp the relevant information about the product. This information includes, but may not be limited to, the total cost of borrowing, transaction services and return on savings.

4. You have the right to be heard. When the services you are receiving do not meet your needs, or if any of the above rights have been violated, you should have an opportunity to notify the financial institution immediately. Your financial institution will benefit from your feedback and will suffer the consequences of your silence.

5. You have the right to privacy. You have the right to expect your personal information will be kept confidential between you, the loan officer and your group members. No one can disclose your personal information to the community without your authorization.

These basic rights go hand-in-hand with 5 basic responsibilities:

1. You have the responsibility to treat others with respect and dignity

2. You have the responsibility to evaluate the benefits of the financial product

3. You have the responsibility to comply with the terms and conditions of the product you are receiving, according to the contract you have signed

4. You have the responsibility to provide truthful and timely information

5. You have the responsibility to maintain confidentiality