NEW WEBPAGE LISTS BANK COSTS, BOC CHARGES MOST FOR CHEQUE BOOKS

Cyprus Mail - article by George Psyllides 1 November 2018

The finance ministry announced on Thursday the creation of a webpage where the public can compare bank charges relating to current accounts and other services, in line with a 2014 EU directive.

The page (in Greek but hopefully will translate to English when you click the link) includes comparisons for banking services such as credit and debit cards, issuing cheque books, cash transfers, standing orders and overdrafts.

Alpha Bank for example charges €3.50 for a copy of an account statement, Hellenic, Bank of Cyprus, and Ancoria Bank charge €3.40, while RCB charges €4. The National Bank of Greece charges €4 per month and USB €3 per page.

Bank of Cyprus charges the most for a 50-page cheque book, €25, followed by Hellenic at €20. The National Bank of Greece charges €16, Ancoria, €15, and Alpha and Astro €14. USB bank charges €12, Eurobank €8, while the first cheque book is free at RCB and each one after that costs €10.

“The comparison site is an effective means for consumers to evaluate bank charges through the provision of clear, comprehensive information, while contributing to the increase of transparency,” the ministry said.

The page can also help in reducing cost for consumers who won’t have to collect the information from each bank separately.

For more information call 22601273 or 20601172.