Mixed progress on bank charges
A report evaluating banks’ progress on cutting charges found that some fees have reduced, but about as many have gone up
BANKS have reduced their charges on certain areas but others have gone up, says a report evaluating progress in this area.
The banks were asked in 2009 to moderate their charges, judged to be too high, and there has been a partial improvement, says the Comité Consultatif du Secteur Financier (CCSF).
However, overall in the period December 31, 2009 to July 5, 2011 about as many charges went up as went down.
Those areas which have seen improvements include fees for being able to check your accounts online, receive text alerts and make transfers online. Costs associated with direct debits (for utility bills etc) have also gone down.
In terms of improvements the report also highlights better information provided to customers.
On the negative side, bank card fees are among the areas causing concern. Cards represent 40% of transactions in France and are getting more and more expensive.
A spokesman for the consumer body UFC Que Choisir said: “The services that have gone up most are those we can’t do without, like cards. They have gone up more than inflation, when they were already, for example, 50% more than fees in Belgium.”
Taking money out of machines outside your own bank network has also gone up, as have insurances against loss of theft of cards.
Banks should also make more effort with costs relating to moving to another bank, it is said. While closing an account is now free, and guides on changing banks are now commonly available, most banks will not cancel direct debits for you without a charge.
