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The fees of traditional banks

The fees of traditional banks

It is now a habit, every year, the banks communicate on a rise of tariffs. This increase affects all customers because it is simple and usual operations that are concerned, such as maintaining your bank account (which is normal for a bank!).
Now, every month you can read on your statement, including: management fee (this is a catch-all name), transaction fees, transfer fees, charges bank check, intervention costs, insurance subscription of the account, convention fees, setting up a levy, monthly cost… And the list goes on regularly…

Why this inflation of fees?

Why this inflation of fees?

In order to show that the French banks were as profitable as the British or American banks, our bankers began to charge anything and everything… Free services have become paid, such as withdrawals in the distributors, the checkbook that lags too long at your agency…
These little euros gleaned here and there, multiplied by the number of customers, allowed to inflate the results of the big financial groups.
In addition, the development of banks online has lost many customers to traditional banks. However, the latter must continue to bear the cost of the agencies to be maintained and the number of employees to pay, while the number of customers is decreasing. A rate increase compensates, in part, for losses. Another solution is to launch a separate online banking offer as BNP Paribas does with its new Kumo Bank! Bank.

And the bank invented the pack!

And the bank invented the pack!

In front of the actions brought by the consumer associations, the banks could not continue to collect in all the directions… They thus sought to show that they were conciliating and concerned with the interests of their customers. A banker of genius has invented (or rather imported) the pack, also called convention or package.
The idea is attractive: you pay a monthly or annual subscription to “benefit” from a large number of services…
Most of the time you will find a bank card, but also services that were free before, such as overdraft, automatic transfers, insurance on the credit card (which are already included…).

Result: you pay every month, or every year, a subscription to multiple services that you will almost never use!
Examples of services understood but useless:

  • the reissue of a confidential code: have you ever needed it 3 times in the year?!?
  • access to a paid account: the customer must pay to receive interest…
  • a discount on a subscription to consult his accounts on the Internet (while they are free in other banks…).

To pass the pill, the bankers have monthly management fees… It is sure that 11 euros per month is lighter than 133 euros per year… But the bill remains the same: astronomical! Our observation is simple: traditional banks take advantage of their monopoly to tax customers who can not do without a bank…

There are nevertheless solutions to pay less for banking services:

  1. Negotiate with your banker the removal of these multiple fees. Also ask for free services. This solution is only available to customers with strong arguments, such as several well-funded savings accounts, 4 members of the same client family of the agency…
  2. Open an account at Bankate… The fees there were generally a little lower than in traditional banks. But recently, the Bankate seems to want, too, to pay his accounts… Other disadvantages : the schedules that only arrange their employees, the tail constantly for any operation, the lack of confidentiality, the obligation to make an appointment to have an interview with an advisor, the difficulty to get an online advisor…
  3. Open an online account in an Internet bank. They have understood that the disaffection of customers for traditional banks is largely due to the costs taken from the accounts. To capture these disappointed people, banks like Fortuneo, ING Direct, or Kumo Bank! offer cheap or free services, staying open really late, sometimes until 10pm!

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