Banks pay well for the service – and now ten of the eleven financial institutions tested have increased their fees, some significantly. It is striking that ‘do it yourself’ banking is becoming increasingly expensive, the Chamber of Labor (AK) reports in its banking monitor.
A bank increased the costs for debit card payments by 132 percent. According to the AK, 53 cost items from payment transactions, savings, loans and securities have been compared.
“Compared to last year’s AK Bank Monitor, banks have now turned the cost screw more extensively,” said Christian Prantner, consumer attorney at AK, in a press release. “Last year six banks increased their prices, this year there were ten.”
Cash withdrawals are becoming increasingly expensive
Prices increased the most for transactions at the cash register or at the counter. But cash withdrawals via ATMs are also becoming increasingly expensive. Banks charge fees for withdrawals immediately or after a certain number of transactions.
However, there are not only increases: Bank Austria increased costs for 16 services – by an average of 10.10 percent. However, the general hourly rate for consumers of 111 euros was completely abolished and the six reminder costs were reduced, some by around 46 percent. However, the AK refers to relevant court decisions that “considered the method of invoicing certain fees as impermissible”.
Bank Direkt – a brand of Raiffeisenlandesbank Oberösterreich – increased rates for seven services. The card costs for a debit card have increased by 132 percent. But manual transfers now also cost a third more. However, Santander Consumer Bank has not made expenses more expensive.
Customers can object
Consumers can object if the bank announces higher rates. However, in this case the bank can terminate the account contract, the AK warns. Another variant is to keep an eye on expenses and negotiate the terms with the bank. Long-term customers have the better tickets here.
But expensive expenses can also be avoided by, for example, making a transfer online instead of in the branch. If the costs are still too high, a change of bank should be considered, the AK also noted. The most favorable bank for the situation in question could be selected via their comparison platform www.bankenrechner.at.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
