The new year opened with negative rates from the European Central Bank and participation in the interbank fund: the bailouts cost banks almost 13 billion euros. All banks are therefore raising their fees, especially for holders of an online current account, deciding in fact to pass on the higher costs to current account holders. This is a generalized repricing that affects all banks, including the big ones, to raise increasingly compressed margins, to the detriment of consumers.
A couple of years ago Intesa Sanpaolo was the first bank to apply a unilateral change that affected some accounts, to which the annual fees were increased according to the stock and the year the account was opened.
The historic Savoy institution started a chain reaction: one after the other almost all banks in our country have changed the economic conditions of current accounts by increasing their costs, with the aim of restoring the balance between the cost of the service offered and the economic conditions applied to the accounts.
The latest case is that of Fineco, the online bank that has always guaranteed excellent services without cost: since February 1, 2020, it has increased the monthly cost of its online current account from zero to €47.4 per year.
The fact that all banks have quickly adapted and aligned themselves with Intesa’s position should make us reflect on its dangerous resemblance to an interbank cartel to limit competition. But the banks express their reasons and make us aware of the main factors of the price increases. On the one hand there are the financial costs incurred due to the phenomenon of negative rates that banks have to pay for the amounts deposited with the EBC, on the other hand there are the costs to cover the membership fees for deposit guarantee schemes. Liquidity, therefore, not only makes nothing but is becoming expensive.
In short, in the era of free services which, at least for end users, are multiplying, the charges for current account holders are in a phase of price increases which are unparalleled. Yet, according to the banks, it seems to be all the fault of Europe.
By opening an online current account with Trustcom Financial you have the security of a fixed monthly fee, with three solutions to choose from according to your needs, contact us.