Swedbank refuses transparency in automatic interest calculation

Data Subject Rights Nowadays, more and more banks set their interest rates automatically, and without any human intervention. But even the smallest inaccuracies can cost consumers thousands of additional euros. While EU law allows the use of such an automatic system in certain circumstances, companies must follow strict rules to protect people’s fundamental right to privacy. Banks, for example, would need to provide their customers with “meaningful information about the logic involved” in calculating their personal interest rate. But many banks don’t seem to care. Contrary to EU law, Swedbank (one of the largest banks in Sweden) rejected a Swedish citizen’s access request by claiming that the calculation was a “trade secret”. noyb has now filed a complaint with the Swedish Data Protection Authority. Complaint against Swedbank (SE)Conditions changing for the worse. Thanks to low interest rates and inflation, European citizens have enjoyed attractive conditions for taking out a loan for