Piraeus Bank a complaint about how it operates

A friend of iguru.gr sent us a complaint about Piraeus Bank. We read the text and decided to publish it not so much because we found a difference between the terms “installments” and “loan” but to show how the system works, as the Bank employee said.

The amount may be small, but the move is reminiscent of the banks of the era when they tied dogs with sausages. Soon they will call us, as they had called me so many times in those glorious times, and they will say “Good morning, we have increased your credit limit from so much to so much”. Anyone who remembers will know that this happened without anyone asking for it…

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To understand what happened, read the email we received below. iguru.gr has the complainant's details.

"Well... let's get to my point now :(, I have a "complaint" to make to you, in the hope that you will look into it and post it on your site, so that it becomes known and so that another poor person like me, a customer of Piraeus Bank, doesn't "step on it".

Today I went to a garage and had some work done on my car, which cost €120, which I paid for immediately with a credit card (but then, when I swiped my phone at the POS, either by my own mistake or by my phone's), instead of the credit card, the debit card came out and the transaction was completed with that!

Just for information, until now, when I had some "large" amounts, I would put them on my credit card and then pay in interest-free installments (even with a small additional charge).

But now that the transaction with the debit card has been made, I say, okay, I'll pay all the money immediately and see what I can cut, the month hasn't even started yet!

But then again, I remembered some promotions and advertisements from Piraeus Bank, saying that you can now also put interest-free installments on your debit cards and pay by the month, like with credit cards.
I open the app, find the specific point, make the necessary moves, and now I'm waiting for it to be approved as I "thought" and it was also done at the credit card...

And the bank sends me a letter saying that my loan of €80 was approved and that I should go to a certain point to sign the contract!!!

That's where my mind wandered! and I said, "Wow! What happened? Did I take out a loan and when?"

I started making phone calls and, you know... from one employee to another, they finally told me that this is the system for interest-free installments on the debit card!

They give you a loan, deducting the first installment so that you can pay the installments later with the loan money!

You mean that I never consented to the issuance of any loan with the Bank and all I did was request 3 interest-free installments of €40 (plus €6 bank fees)

Now, if this seems logical to any intelligent person, let them tell us! And if you happen to post it and a lawyer or someone from Citizen Protection sees it, let them look at it and tell us whether or not it is a FRAUD, this from the Bank itself in terms of deceiving its customers who suddenly find themselves with a loan (whatever it is) that they never asked for nor were they given a clear indication of the specific way to obtain it!

Thank you for your attention, even for a few minutes.

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Although the press releases will range from very select to rare, I said I'd pass...because sometimes the editors hide.