What legal steps can I take if the bank pressures me into unwanted insurance?
September 19, 2022 | 40,00 EUR | answered by Karl Böhm
Dear lawyer,
I am reaching out to you because recently my bank has been pressuring me to purchase an insurance policy that I do not actually need. My name is Bernhard Schröder and I have been a customer of this bank for many years. In the past, I have taken out several financial products with them and have generally been satisfied with the service.
However, I have been repeatedly pushed to take out an insurance policy that doesn't make sense for me and I feel like it is being forced upon me. I have already discussed this with my advisor multiple times and have tried to make it clear that I do not want to purchase this insurance. Nonetheless, I am constantly being approached about it and it is being suggested to me that this is the best solution for me.
I am concerned that the bank is putting pressure on me and that I may ultimately sign a contract that is disadvantageous to me. Therefore, I am wondering what legal steps I can take in this situation to defend myself and protect my interests. Are there ways to compel the bank to withdraw their pressure or to challenge the contract afterwards?
Thank you in advance for your help and advice.
Kind regards,
Bernhard Schröder
Dear Mr. Schröder,
Thank you for your inquiry and your trust in my expertise in banking law. It is important that you seek legal advice in this situation to protect your rights and to take action against any undue pressure from your bank.
First and foremost, it is important to emphasize that banks are obligated to act in the best interest of the customer and not to push products that are not meaningful for the customer. If you feel that the bank is pressuring you to take out an insurance policy that you do not need, this could be a violation of their duty to advise.
In such cases, it is advisable to first have a conversation with your advisor and make it clear that you do not want to take out the insurance. If this does not lead to success, you can contact the bank's internal complaints department and present your concerns there. Often, just mentioning legal action can lead the bank to ease off their pressure and seek a solution in the customer's interest.
However, if this also does not have an effect, you may consider taking legal action. In such a case, a legal demand to the bank to cease their pressure and refrain from further contract agreements could be an option. If the bank still does not comply, you may consider challenging the contract afterwards, for example, due to fraudulent deception or unlawful threats. It is important to note that the challenge must be made within a certain deadline and it is advisable to seek legal advice in this matter.
In conclusion, I want to emphasize the importance of knowing and defending your rights as a consumer, especially if you feel pressured by your bank. If you have further questions or need legal assistance, I am at your disposal.
Sincerely,
Karl Böhm, Attorney specialized in banking law
