Should a bank disclose its rates to its customers?
Verified 27 October 2022 - Directorate for Legal and Administrative Information (Prime Minister)
Yes. Your bank must provide you with pricing information for services provided and payment incidents on your account.
A banking institution must make available to you the general conditions and tariffs applicable to the management of a current account. For example, you will find the rates related to making a transfer, providing a payment card or exchanging currency.
The bank must also inform you of the amount of bank charges related to a payment incident (newsletter fees, rejection fees, intervention fees, etc.).
You should also be provided with a monthly and annual summary of bank charges levied on your account.
General terms and conditions and tariffs
The information must be available on the website of the banking institution. They must also be made available on a self-service basis in the agency on paper or on another package durable support.
in the agency or on their website, banks must present at the top of their price tags a standard extract of tariffs. This excerpt includes the tariffs of the most common products or services related to the management of a deposit or payment account.
Payment Incident Fee
Your bank must inform you of the amount of fee for payment index at least 14 days before they are charged to the account.
This information is usually mentioned at the end of your statement, in a specific section.
Summary of bank charges
Your statement of account should list the total monthly bank charges.
In January of each year, a detailed summary of the fees collected during the previous year must also be provided.
In the event of a change in rates, the bank must provide you with at least the rate card 2 months before the date of application of the new tariffs. The new blister can be sent to you on paper or another blister durable support. The bank must also amend the account agreement.
If you do not dispute these changes, the new rates are considered accepted.
If you object to this amendment within 2 months, and the bank maintains the tariff changes, it must inform you that you can request the closure of your account. It may also decide to close your account on his own initiative.
If your bank does not comply with its obligations related to the communication of its general and price conditions and the modification of its rates, it risks €1,500 of fine.
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