Price Monitor Stefan Meierhans criticizes the high bank charges in Switzerland. In the space of 20 years, these have doubled, placing the Swiss among the worst off in this area.
Every year, the Price Supervisor receives dozens of complaints about excessive bank charges, said Stefan Meierhans in the ‘NZZ am Sonntag’. Looking again at the prices, he found that many establishments had increased their prices even more since the last survey in 2015.
Stefan Meierhans cited the vested benefits account as an example. In the survey seven years ago, all offers were free. Today, one in three banks charges an annual fee of 36 francs. Fees are also charged for account maintenance, payment orders, bank cards or currency transactions.
Swiss customers pay top dollar
According to a study by the audit firm PwC, customers of Swiss banks are by far the most accommodating in the world. Financial institutions would earn on average 550 francs per year and per small customer. In Great Britain, this amount would be only 140 francs.
Stefan Meierhans takes a particular look at the charges for closing an account and transferring a deposit to another bank. Disproportionate fees could make it more difficult to switch to a cheaper provider. It would prevent a market from working and violate competition law.
On the initiative of the Price Supervisor, the State Secretariat for Economic Affairs (Seco) wrote to the banks. In this letter, the Seco asks for a reduction or abolition of fees when changing banks.
But the banks are reluctant. The Confederation must now intervene more firmly. ‘In our opinion, Seco should launch a pilot project to clarify whether this practice of banks is legally valid,’ Stefan Meierhans told ‘NZZ am Sonntag’.
/ATS