Retail bankers are letting consumers down,” said Meglena Kuneva, the European commissioner for consumer policy. This statement is published after a survey done by EU commission exposing that EU banks’ transparency and business conduct is much below expected level and is bordering violation of EU laws.
EU banking basic fees were reported to fluctuate from 27 Euros annual fees in Bulgaria, via 46 Euros in the Netherlands and up to 154 in France and 253 in Italy.
The EU report covers prices of various banking fees of 224 banks, accounting for 81% of the EU market.
Another exposed issue was the clarity of services, terms, conditions and engagement rules with the bank. Many customers reported the level of clarity in given services was
very low, misleading and insufficient.
The above findings are just the tip of the iceberg as the report itself suggest. The report suggested that some of the misleading is intentional and revealed banking hidden fees and failing customers as a trend.
OK, what did I miss?
High street Banks are acting like some dodgy money exchange shops? What is going on here?
A little economic crisis and the banks are losing it? Just when we thought general trust in the financial system could not be worse…
Well, here is the main problem here: banks are essential part of our economy and finance foundations. If we have problem in this level, the whole system built on it will not function well.
Unfortunately, EU officials have only exposed the problem and are leaving each country and law enforcement agencies to take care of the rest.
The EU officials exposing the problem and publishing it deserve recognition for what they did, however, there is a lot to do in order to set a clear EU message to all EU financial institutes:
Zero tolerance towards dishonest banks and financial services!
EU commission and each EU country should impose strict regulations concerning banking fees and services. It is not possible that the whole world will try to recover from one of its deepest slow downs while banks will row the opposite direction. This really has to finish.