Boris Mugoša, a Social Democrats lawmaker and European Alliance official, reported that banks had raised monthly account-maintenance fees by 30% and mobile-banking fees by 20%, with the higher charges appearing on his account from September. He plans to seek a hearing with banking-sector representatives to discuss fees and interest rates. The proposed hearing would bring the charges into a parliamentary committee discussion.
Higher charges and transaction costs
On account maintenance, Mugoša questioned what costs justified the fee, particularly as customers also pay a separate charge for a debit card. He asked: “Why is account maintenance 30% more expensive today than a few months ago?” The increase, in his account, was not explained by a stated rise in the costs of providing the service.
Mobile-banking fees, which also cover electronic payments, had risen by 20%. Mugoša argued that these charges should instead become cheaper and encourage customers to make transactions electronically. He questioned whether the cost of providing the services had increased by the same amount as the fees, asking: “Have banks’ costs of providing these services risen by 20% or 30%?”
He also pointed to lower transaction commissions through SEPA and TIPS, saying banks had lost part of their revenue as a result. That reduction, however, did not in his view justify earlier charges or increases to other fees as a countermeasure. His remarks focused on the difference between lower commissions for transactions and higher charges customers pay for accounts and mobile banking.
For electronic transfers of up to 200 euros through mobile or internet banking, Mugoša said a bank cannot charge more than five cents to send money. He said some banks had treated a transfer of exactly 200 euros as an amount above 199.99 euros and applied a higher commission. The disputed threshold matters because the fee limit he cited applies to electronic transactions up to 200 euros.
Instant payments and proposed hearing
The comments came three months after the launch of TIPS Clone, an instant-payment system that transfers money between accounts within seconds, 24 hours a day, throughout the year. Mugoša described its introduction as a positive step for citizens and businesses, saying electronic instant payments bring lower transaction fees. He also referred to SEPA and TIPS as systems through which transaction commissions had been reduced.
Mugoša intends to initiate a hearing before the Committee on Economy, Finance and Budget, the parliamentary committee where he plans to bring banking-sector representatives. He said the aim would be a transparent discussion of fees and interest rates, amid the increases he reported and the lower commissions associated with electronic transfers.
A similar hearing with banking-sector representatives was held a little more than two years ago at Mugoša’s initiative. The new hearing has been proposed, but the facts provided do not give a date for when the committee will consider it.
