Consumer watchdog slaps PLN 3.3 mln fine on Alior Bank

The PLN 3.3 million fine comes as an update to Alior Bank’s terms and conditions meant that consumers who had invested in fixed-term deposits in foreign currencies were not able to pay out the return in the currency after the end of the savings period.

UOKiK had been looking into the case since September 2014 after it raised doubts over Alior’s treatment of customers who had savings in Swiss francs. Instead of paying out returns in the currency, the bank paid out money after it had been exchanged into Polish złoty.

According to the watchdog, the change in terms and conditions went against the idea of a fixed term deposit in foreign currencies, depriving consumers of a part of the expected return on investment.

Alior Bank has appealed to the courts over the judgment. (jb)