"Bank prices have doubled"

29th January 2008, Comments 0 comments

All payment products, from new bank cards to account fees, have become more expensive.

29 January 2008

AMSTERDAM – Banks have increased their rates over the past five years. All payment products, from new bank cards to account fees, have become more expensive.

The price increase has not been in proportion to the increase in costs for banks, the Telegraaf reports today on the basis of research by the Consumer Union.

The Rabobank, for example, has raised prices of bank cards and account fees by 18 and 23 percent, respectively, over the past two years. The price increases are ‘shocking', according to the Consumer Union. For this reason the lobby organisation insists that banks refrain from raising prices for another five years.

The new European payment system Sepa was officially launched on Monday. Banks say that this will help lower costs, but the Consumer Union does not trust that will happen. "They say that the rates for the new and larger European payment market will be lower in future, but if they were just to introduce a freeze on prices that would help."

[Copyright Expatica News 2008]

Subject: Dutch news

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