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Slovak Banking Association sets out dual display obligations

From August 8, 2008, clients of Slovak banks will see prices and financial values displayed in both crowns and euros not just on the price lists of bank products in bank branches and on banks’ websites, but also on all marketing materials used to sell of products and services, the Slovak Banking Association (SBA) has announced.

From August 8, 2008, clients of Slovak banks will see prices and financial values displayed in both crowns and euros not just on the price lists of bank products in bank branches and on banks’ websites, but also on all marketing materials used to sell of products and services, the Slovak Banking Association (SBA) has announced.

Clients will see twin pricing most frequently on their bank account statements, the SITA newswire wrote, though not all items have to be stated in both currencies by law, just the opening sum in the account and the closing sum during the statement period. At the same time, bank clients will receive, together with their August bank statements, a dual display of price lists for products and services mentioned in bank statements, according to the SBA’s project manager for euro adoption, Martina Slodičková.

Bank clients will also come across dual displays when they make ATM cash withdrawal. ATM receipts will state the withdrawn sum of cash in both currencies. Transfers carried out through POS terminals will be shown in only one currency. The SBA also reported that banks would not be obliged to display dual sums in internet banking, though the bank must provide a virtual calculator to enable conversion of individual sums on the basis of the official conversion rate. In telephone communications, banks will provide information in both currencies only at clients' request. The rules on dual display of information will last until the end of 2009 at least. SITA

Compiled by Zuzana Vilikovská from press reports
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