Tuesday May 24, 2022

Cheap banks in R do not take place

Banks recently reported billions in profits last year and especially their number by a few percent compared to 2004. At the same time, 2005 was a year for banks, when both the Ministry of Finance and the client, who are not satisfied with their bank fees, found themselves in torture. How did the battle for fees and not only he turn out?

The ministry was on arrest

On June 2, 2005, the Ministry of Finance (MF) presented a document proposing changes in the banking sector and wanted to strengthen not only the competitive environment, but also to improve the position of bank clients in the Czech Republic. The document was to be the basis for a public discussion, in which, in addition to the Czech bank and the banking sector, not only consumer protection organizations but also the general public should be involved. By the end of June, she was given the opportunity to address the issue. MF potalo s tm, e do 30.9. idea evaluated discussion including analysis of costs and benefits of proposed measures.

There was a big fuss after the document was published. The main topic of the debate was the difficult transition of the client from one bank to another and the fee that most banks charged at the time for the cancellation. The MF bag went to the banks and put requirements. The most interesting were: clear prices of services, simple products with the same names, a transparent package of services, the possibility of money transfer from bank to bank, the obligation to publish at least the upcoming change in tariffs, create a unified database of banking products where the client could compare their suitability .

What about banks?

There were also strong words that if the banks voluntarily did not comply with the services of the Ministry of Finance, the Minister intended to give them the right to do so. Banks were struggling with statements, more and more of the MoF’s proposals were debated in expert groups (composed of representatives of the ministry and banks and consumer organizations) and thus changed tariffs and abolished fees. Since August 2005, these banks have been raising fees for cancellations (esk spoitelna, GE Money Bank, Raiffeisenbank) and some have also reduced transaction fees (Potovn spoitelna).

In mid-August, the Ministry of Finance sent the banks a document to help both parties in the dialogue. It was 88 questions and the banks prepared answers to them by August 30. In the middle of it, representatives of the Ministry of Finance and the banking sector met for debate. Representatives of banks were acquainted with the further development of the problem and the issues that should be processed by the Czech Banking Association (BA), which has taken on the role of the banking sector.

Topics for discussion agreed by the MoF and BA:

  • First client code
  • Rules for fast, cheaper and transparent client transfer between banks
  • Zpstupnn aktulnch a historickch cenk
  • Maintained a unified database of prices and works with this database
  • Rules for informing the public about price changes
  • The client will be informed about the processed personal data
  • Rules for the acceptance and implementation of European and world standards and recommendations
  • Guarantee of suitability of packaging compared to separate individual products

In June, the Minister of Finance announced a proposal to improve the position of the banking client. The Ministry of Finance proposed legislative changes in several areas. It was expected that BA would be released and that the Ministry of Finance had given evidence that the banks would enter into an agreement and would, for example. state the total prices of transactions, descending rates and improve the information client. If self-regulation in the banking sector in the mentioned and other areas would fail, the Ministry of Finance wanted to change the situation.

Shall we make a deal? Perhaps…

On November 1, the last of the large SOB banks removed the cancellation fee here. Banks took the reins in mid-November. Through BA, they issued an opinion on the Ministry of Finance’s material, and at the turn of November and December, a code was introduced, in which they wanted to adjust their relationship with the client. The agreement between the Ministry of Finance and the bank was reached in the second week of December. 7.12. The banks and the Ministry of Finance have agreed and signed an agreement on improving the position of banking clients, which they will comply with voluntarily, and the Ministry of Finance will not order them to do so.

How did banks enter the new year?

For example, Komern banka announced a change in the fee scale, from which it removed a large number of items on 1.12. 2005 and pay for from 1.1. 2006. esk spoitelna presented its Code of Breeding to clients. Since November 2006, the SOB has simplified and clarified the rates by comparing items into tables. Other banks have thus begun to announce changes a few weeks in advance.

Nevyznte se v nabdce novch produkt bank i spoitelen? tte – Vyplat se?

However, the decisive discounts on banking services are definitely not available. The banks try to achieve simplicity and clarity in the provided services and products in various ways, it could be possible that the client is more willing to give in, even if he asks how much he will pay for the service. In the ordinary of this year, even GE Money Bank clarified its tariff fee and its clients do not have to pay it, for example. fee for vbr cash from ATM (vbr + etn item).

The debate on bank fees even prompted the creation of the website www.bankovnipoplatky.com, which still gives an overview of the day in the banking sector, but thanks to them the client could come out of his disagreement with the fee policy of banks, or choose the most absurd bank fee (which by the way became a fee for outgoing payments).

Client, it’s up to you

Dissatisfied clients therefore have the opportunity to change the bank whenever they want. The cancellation fee can now only be found at Potovn spoitelna (200 K postierov account), so they can change the bank at will, or even for the cancellation of standing orders or direct debits with the help of the bank’s bank, they usually do not charge the fee. There is obviously no massive client from bank to bank. Although going today many clients are not happy with their bank. The Ministry of Finance’s efforts are therefore determined to cover the waters of the Czech banking pond, but if clients are not satisfied, they should be more aware of the financial situation with their activities.

Have you changed the bank after t does not charge the cancellation fee here? What do you think banks should change in their approach to clients? Drinks them with light.

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