Slovak banks profit ever more – and improportionately – on clients’ fees

THIS year, clients of Slovak banks are paying much more than previously for banking fees. In the first two months of 2015, banks profited 15.4 percent more on fees and provisions than in the same period last year.

Some bank fees are nonsense, say customers.Some bank fees are nonsense, say customers. (Source: SME)

Banks earned €15 million more in January and February, the Sme daily wrote on April 13. In the past years, they earned only slightly over 5 percent. Someone should acknowledge this and think about such above-average growth, it could be seen as unfair competition, bank analyst of the Finančná Hitparáda financial website, Pavle Škriniar, told Sme. He added that some banks are already increasing the fees and some will do so in the immediate future.

Items like fees for an account, drawing money from ATMs, but also for unused debit cards, account reports and payment traffic, are made more expensive. There are some rebates for the fees, but it is ever more difficult to get them.  

Clients can decrease their fees either by abiding by the bank’s conditions for rebates (e.g. by using technology innovations like mobile banking or spending report), or by finding cheaper packages of bank services, Sme concluded.   

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