Declaration of war on digital providers: ZKB abolishes bank fees

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Zürcher Kantonalbank is quickly eliminating fees, which are an additional nuisance for many bank customers in times of inflation and when interest rates on savings accounts are still low. ZKB was the first of the major banks to give up this safe and lucrative source of income. Starting January 1, customers will no longer need to make any payments for their account or debit card. This situation is likely to bring a new dynamic to the competition in the financial centre. Competitors are under pressure.

The new offer is a declaration of war against digital competition, as it is not only aimed at customers in the canton of Zurich, but also applies to all customers in Switzerland who open accounts digitally. «We are in competition with all other digital offers. These do not respect boundaries. “In fact, this is a declaration of war against digital banks,” explains ZKB boss Urs Baumann in an exclusive interview with Blick.

Fees are more important than interest

ZKB was already one of the cheapest providers, with an annual fee of 12 francs for a private account. In the future, the debit card fee (40 francs per year) will also be eliminated: “Since the change of the interest rate, a new starting point has been created for all banks. As the bank of the people of Zurich, we care that small savers can also benefit from this. Besides the interest rate, there are also annual fees for special accounts and debit cards, which we have now eliminated. “For many savers, these are more important,” says Baumann, explaining the switch to Blick.

According to ZKB, everyday banking will no longer cost anything, but it will not be completely free for ZKB customers: packages with credit cards still charge a fee, but this will also be reduced. Even more complex work such as financial planning, retirement and retirement advice, and advice on tax and inheritance matters will not be available for free in the future.

Baumann has been at the helm of ZKB for just over a year – he is making rapid progress in restructuring the banking sector: “We want to lead the future of banking,” Baumann said rather shamelessly. “It is neither entirely digital nor entirely physical; but hybrid.” ZKB is therefore not only investing in the expansion of digital consultancy, but also in the modernization of 51 branches throughout the canton.

Source :Blick