Cyprus 13th in cost of bank accounts in EU

[SysOp]

The fees of many banks in the European Union are often opaque, while there are problems with the way banks inform and advise their customers, according to a European Commission report on retail financial service. Presenting the report on retail banking in EU 27, EU Commissioners urged member-states to fulfill their obligation to enforce EU consumer laws.


According to the report, Cypriot consumers pay on average 85 euros per year in the form of bank fees for using their current accounts, and Cyprus is the 13th country in cost of bank accounts.


As the report points out, the tariffs of current bank accounts in Cyprus are above average in terms of transparency but below average in terms of simplicity. The Commission’s officials had to contact approximately 70% of the Cypriots banks included in the study to provide further details or to clarify the information provided on their websites.


The report refers to a 2008 Eurobarometer survey having revealed that, in Cyprus, 25% of consumers had difficulties comparing current account offers.


As far as EU 27 concerns, the report points out that the bigger problems are recorded in Austria, France, Italy and Spain, which score poorly on transparency and are among the most expensive countries for banking accounts


source: Financialmirror.com News - Cyprus 13th in cost of bank accounts in EU

 

[rkbehera1]

The news based article on European Union's Banking fee is very informative for those who are interested in financial system and fee of Banks all over the world.The Cypriot customers are paying 85 Euros yearly as Banking fee and they are 13th among European Nations.


Very surprised to know from the report that, the bigger problems are recorded in Austria, France, Italy and Spain, which score poorly on transparency and are among the most expensive Countries so far as Banking transactions are concerned.


I had never thought that the Banking fee of front line European nations are so high.

 

[jb100]

For the first time I came to know some thing on European Banking system and their transaction charges because of your discussion.It is strange to know that, even in some countries of EU(Austria,France,Italy,Spain) there is lack of transparency in Banking charges.So what can we expect from the banking system of developing and under-developed nations!.EU should take immediate steps for transparent banking charges among all member nations.