The Finance Minister Michel Sapin, announced Monday the launch of a free public website to compare the prices of almost all banking institutions for simple operations to promote “good transparency” and competition between banks.
Announced last May, Compare Online (www.tarifs-bancaires.gouv.fr), updated weekly, must list prices of about 150 banks, more than 98 % market share, said a statement from the Ministry of Finance. The site launched this morning already seems victim of its success: it is time for the unattainable.
Consultation “totally anonymous”
“allow everyone to free a comparison of basic services such as transfers, direct debits or bank cards to ensure that competition takes place in good conditions, “the Finance Minister Michel Sapin, said in the statement.
The consultation of the comparator is “completely anonymous” data “totally homogeneous, without the will to benefit anyone,” said the Minister during the presentation of the comparator to the press, stressing on “impartiality” of the site. DOM bank rates will also be visible on the site, those territories will be another via a direct link on the page of the Observatory of bank rates of Overseas Emission Institute (IEOM).
For a consumer “knowledgeable”
“It is also my role (to ensure) that the consumer is well informed on tariffs ensuring proper transparency and comparability of bank charges “so that he” can easily switch banks if prices or services do not suit it, “he said. To facilitate this banking mobility, a measure of Macron law, passed in August 2015, “allow consumers, from February 7, 2017, to change schools without any administrative step outside of a mandate he will give his new bank, “he added.
It will then be up to the new bank of “simplify things, change addresses in terms of withdrawals and automatic payments”, this service should be “improved” and remain “completely free” guaranteed the minister. Furthermore, a “clarification” on the content of account maintenance fees has been requested in the Financial Sector Consultative Committee (CCSF), announced Michal Sapin, to ensure that they do not match “a sort of retainer “.
“Account Maintenance Fee”
According to the latest data from the association CLCV consumers, 117 of 139 surveyed banks were charging the costs of keeping account in 2015. Another priority for the department: the development of payment by card, “especially for small amounts,” which should translate into lower merchant fees for any payment by card.
In late December, the interbank commission payment was decreased from 0.28% to 0.23% of the value of the transaction. “We’ll have to go further”, urged Mr Sapin, who said it had “asked banks to make an effort to significantly reduce fees charged” to traders that they “have even less reason to refuse payment by credit card the first euro “. The renegotiation of contracts between banks and traders should materialize by the end of June 2016, the minister said.
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