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Do you remember? How did the savings in bank accounts have to be paid for during the negative interest rate period? How creatively have financial institutions adjusted the fees they charge for account management?
The banks’ arguments no longer work today. With the rise of interest rates, the spread business becomes highly valuable again, the banks are again doing very well, making millions and making record profits, especially the cantonal banks. As a result, bank fees will have to fall throughout Switzerland!
But as a normal bank customer, I don’t notice anything. Neither my main bank Raiffeisen nor Postfinance offer me even the possibility of reducing bank fees. During periods of negative interest rates, creatively applied fees can be quickly eliminated by banks. Price watchdog Stefan Meierhans and consumer advocate Sarah Stalder also see the situation this way, as they explained months ago. But their advances have so far been ignored by most financial institution heads. The interest rate on savings deposits has also been increased in recent months, but only in homeopathic doses.
However, there is now movement in the market with Zürcher Kantonalbank (ZKB). Boss Urs Baumann announced in the Blick interview that ZKB will abolish fees for account management and debit cards in the new year: “Small savers should also benefit from the change in interest rates.” It is not yet clear whether the great storm of change will break now. This is a desired situation for us bank customers. This also depends on how other banks will react to the cantonal bank’s announcement. The competition was already started with ZKB’s “Christmas gift”.
Removing the fees would also benefit other financial institutions. But they are free to set their prices, so even a price watchdog can do little more than create public pressure. Ditto Thomas Jordan, President of the Swiss National Bank, encouraged clients to switch financial institutions in a recent interview.
So we keep everything in our customers’ hands. We can take our money to the bank that gives us more interest or offers cheaper account management. If you are sufficiently digitally savvy, you will probably find the best conditions at digital neobanks (branchless).
Unfortunately, and it is an undeniable fact, changing banks is more difficult than changing health insurance companies or telecommunications providers. Think of the many places you’ll need to submit your new banking information and the direct debit procedures that will need to be changed.
But bank advisors can find better conditions for each individual if they are made aware that there is a great desire for change. I hear this over and over again from friends and readers. It is quite possible that just a call to the home bank will bear fruit.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
