NEW WEBPAGE ALLOWS BANK CUSTOMERS TO COMPARE CHARGES

Cyprus Mail - article by Kristian Chrysostomou 5 December 2018

The finance ministry on Wednesday officially launched its new webpage where the public can compare bank charges relating to current accounts and other services, in line with a 2014 EU directive.

The site has been online for some time and so far has been visited 7,000 times, mostly from Cyprus (92 per cent), the finance ministry said.

Charges shown on the website will be updated at regular intervals whenever they are reviewed by banks, the ministry said.

The page (in Greek) 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.

The website will be able to accommodate clients that use local as well as international banks and was designed and developed by the ministry of finance in cooperation with the central bank of Cyprus.

The website can be found at www.mof.gov.cy/feecomparison

For more information, one can call 22601273 or 20601172 or email freecomparisonwebsite@mof.gov.cy.