Bank charges rest stable

BANK charges have stayed largely stable this year compared to 2014, new figures show.

The annual report by the Observatoire des tarifs bancaires covers 121 establishments, some 98% of France’s banking market.

All price rises and drops between 2013-2014 are within 1% of the figure 12 months earlier - most of them within 0.5%.

However since the start of 2015 some slightly larger rises have taken place.

Notably the charge for bank cards which automatically verify account balances before allowing debits (those used by people on a tight budget, or young people) has risen 1.8% in the last 12 months to an average annual cost of €30.38.

The number of banks offering free accounts has dropped from 38 to 30 from 2014 to 2015, however the average cost of internet banking has also dropped as more banks offer the service for free.

The finance minister Michel Sapin has said that a price comparison website for bank charges will be launched before the end of the year.

Consumer organisations have long criticised banks in France for their incomprehensible and incomparable pricing structures and charges.

In March 2014 a free service was put in place to help people change their account, but it has not proved popular.

A further reform that would entirely automate the process of changing accounts, putting the bureaucracy in the hands of the banks, will not come into force until January 2017, if approved by MPs and senators.

This month’s Connexion features an article on a new EU regulation that will force banks to open accounts for non-residents from September 2016. You can order a PDF copy here or find the nearest newsagent which stocks it.