#banking (2 results)

Can Algorithms Close My Bank Account?

Banks use automated systems to monitor customers and their transactions to fight against money laundering and financing of terrorism. But sometimes, these systems make mistakes that lead to the blocking or closure of people’s bank accounts. The phenomenon is called de-banking.

In Poland, a law made loan algorithms transparent. Implementation is nonexistent.

Since May 2019, and as a first in the EU, Polish consumers have the right to know in detail why a bank decided to grant or refuse them a loan, even for small amounts. But in practice, banks are still reluctant to provide such information.