Banking relationships: more transparency
- The FBF confirmed the measures adopted by French banks after publication of the Pauget-Constans report on the cost of banking relationships. From January 1st, online outlets (and paper outlets when renewed in 2011) must:
- Display the price of ten basic services in a standard way to make national comparison easier,
- Reorganise their presentations according to a standard table of contents,
- Show package elements' prices separately,
- Mention banking fees' monthly total and authorised threshold on the statements,
- Generalise alert offer on the customer's account balance (Internet, SMS, etc.).
- Alternative banks must then recruit as soon as possible before their customers start to learn about these changes. If not, from January 1st these customers could see that their “traditional” bank may not be that expensive.