February 22, 2024

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Banks: When do monthly fees start – who is exempt – Newsbomb – News

Banks: When do monthly fees start – who is exempt – Newsbomb – News

Fixed for compliance Banking services Accounts by natural persons to make payments, transfers and obtain a card

Since interest rates are not expected to rise further and margin income is expected to rise, banks are looking for ways to increase fee income while at the same time reducing operating costs from maintaining forgotten or double and triple accounts with no balances and movements, reports Ta Nea newspaper on its front page.

Charging a flat fee of €0.50 per month will not only maintain deposit accounts that have the ability to make payments, have debit and credit cards, transfer funds, etc.

In contrast, there will be no fees for regular savings accounts, but they will not have the ability to make payments or withdraw from debit cards.

What are the banks waiting for?

With this step, according to Al-Akhbar, banks estimate the following:

  • Commission revenues, which annually amount to around 1.5 billion euros and constitute a small part of total operating profits, will be boosted.
  • It will reduce operating costs for dormant or zero accounts and real estate.
  • They will promote so-called subscription packages
  • Further promotion of the IRIS interbank transaction system, which offers free and instant payments of up to €500 per day.
  • Overhaul and simplify the fee price list that will take greater account of the needs of the new digital age.
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