Advice on banking and insurance matters
You have the right to open a bank account in any European Union country, and you always have the right to take out a Finnish motor insurance policy. Otherwise, banks and insurance companies are free to decide which services they offer and to whom. Contact the Finnish Financial Ombudsman Bureau (FINE) if you need help in bank and insurance matters.
You have the right to open a current account in a bank in any European Union country so that you can manage your financial affairs. You also have the right to get a payment card and use the online banking services provided by the bank. The bank may charge a reasonable annual fee or service fees for the use of the account.
Banks may only refuse to open an account if you are suspected of money laundering or financing terrorism. In some EU countries, banks may also refuse to open an account if you have a similar account in another bank in the same country.
Banks are free to decide whether or not to grant you a loan and whether to provide you with an overdraft facility or grant credit.
If your bank goes out of business and you have less than EUR 100,000 on your account, you will not lose your money. This is because in most European Union countries, all deposits up to EUR 100,000 (or the equivalent sum in local currency) are covered by deposit guarantees.
Motor insurance is the only compulsory insurance in Finland. Other insurance arrangements such as all-risk insurance or home insurance policies are voluntary.
However, there are situations where a voluntary insurance policy is actually obligatory. For example, the landlord may require that a tenant takes out a home insurance policy. There are also many other situations where taking out a home insurance policy or other type of voluntary insurance policy is recommended.
An insurance company must grant you all compulsory insurance policies. However, it has no obligation to grant you voluntary insurance policies. For example, if you have a payment default entry, an insurance company may only be prepared to grant you a motor insurance policy.
The insurance company may change your premiums and insurance terms and conditions when the contract period changes. The insurance company must notify you of the changes when sending you the insurance premium invoice.
If you get into an accident, you should notify your insurance company of the event without delay but no later than one year after the event. Note that the insurance company often replaces the damaged goods with new ones and may not necessarily provide you with any money.
If you have problems with banking or insurance matters, you should first contact you own bank or insurance company.
If the problems remain and you need independent help, you can contact the Finnish Financial Ombudsman Bureau (FINE). Its services are free of charge.
You can contact FINE if you are not satisfied with your bank or a provider of investment services. You can also ask FINE about using a bank account, payments, misuse of a payment card, housing loans, inheritance, changes to the terms and conditions of a contract, or the quality of advice on investment.
You can also contact FINE if you are not satisfied with the compensation paid by your insurance company. FINE will also provide you with advice if you have questions about compensation for loss or damage, the amount of the compensation, compensation procedures, and periods of validity of contracts or their expiry.