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Banks must be more transparent about fees

THE SLOVAK Finance Ministry has prepared a revision to the law on banks that will force them to inform clients openly about fees for banking services, the daily SME reported.

The ministry wants to encourage competition, which it thinks could lead to a decrease in banking fees.

This would be achieved through several changes to existing practice. One is that the banks would be obliged to inform their clients about all expenditures and yields resulting from a contract with the bank. Under the new legislation, banks would also be obliged to publish all changes in banking fees on their website and in bank branches 15 days before they come into force.

Another measure is the creation of a database on bank fees from different banks, which will be published on the website of the central NBS bank, allowing people to compare fees and choose the bank that suits them best.

The banks say, however, that the information is already available. The banks and independent analysts alike are sceptical about whether fees would decrease as a result of the measures.

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