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How should a bank make its rates known to its customers?

Verified 17 August 2020 - Directorate for Legal and Administrative Information (Prime Minister)

Bank charges are amounts collected by your bank in return for services provided and payment incidents in your bank account.

General conditions and tariffs

Banking institutions must make available to their customers and the public the general conditions and tariffs applicable to the management of a current account..

The information must be available on the website of the banking institution. They must also be made available in self-service in the agency on paper or on another all durable support.. This information must also be provided when opening a current account..

Please note

in an agency or on their website, banks must present at the top of their price lists a standard price quote .. This excerpt includes the most common products or services related to the management of a deposit account or a payment account.

Payment incident fee

The bank must inform you of the amount of bank charges related to the payment incident (e.g. newsletter fees, rejection fees, intervention fees, etc.). It must do so at least 14 days before the charges are levied on the account.

Expense Summary

Your account statement must list the total monthly bank charges.

In January of each year, a detailed summary of fees collected during the previous year must also be provided.

Price changes

In the event of a change in the rates, the bank must provide you with the rate card at least 2 months prior to the date of application of the new rates. The new package can be sent to you on paper or on another paper durable support.. The bank must also change the account agreement..

If you do not dispute these changes, the new rates are considered accepted.

If you challenge this change within 2 months, and the bank maintains the rate changes, the bank must inform you that you can request closure of your account. It may also decide close your account on its own initiative.