2023-12-20 20:17:28
This is a small revolution in the Swiss banking world. The Zurich Cantonal Bank announced on Wednesday that it is eliminating fees on private accounts and debit cards for all its individual customers from January 1, 2024. On the French side, the situation is more nebulous.
Zurich Cantonal Bank (ZKB) is the first large traditional bank to take this step. From January 1, it will eliminate management fees for private accounts. And to get a debit card, individuals will no longer need to take out a cent.
700,000 customers affected
According to the Zurich banking institute, this measure will allow customers to save up to 116 francs per year, for example for someone who has three accounts and uses two debit cards. Some 700,000 customers are affected.
“Since the reversal of interest rates, there is a new situation for all banks. As the bank of Zurich residents, we want to ensure that small savers can also benefit from it,” explained its boss on blick.ch, Urs Baumann.
These fees represent the price to pay for banks to invest the money entrusted to them and make it grow. But with the return of positive rates, these are already paid on the profits made with your savings.
For customers, these fees are therefore widely criticized, as certain Geneva onlookers confided to the 7:30 p.m. microphone. “I still find it quite unusual to have to pay to use my own money,” notes one of them. “These are small amounts but we always feel them passing by,” laments another.
Caution on the French side
However, on the French side, banks remain cautious at this level. And this, even if some of them already offer plans with reduced fees, while others offer free beyond a certain deposit amount.
But all this remains very nebulous, as denounced by the French-speaking Consumer Federation. “There are hidden fees, too. And then there are fees that are not comparable with each other between different banking institutes. So having a little more distinction between fees – therefore transparency for consumers and consumers – would precisely bring competition into play.”
While waiting for the total removal of bank fees as in Zurich, it is therefore recommended to compare offers. And negotiate with your banker.
Matthieu Hoffstetter/fgn
1703106344
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