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When money is free, lenders start charging for everything else
By Charlie Devereux, Charlie Wells, and Stefania Spezzati
Bloomberg News
Wednesday, December 23, 2020
In normal times, bankers who oversee assets exceeding $1 trillion wouldn't be groping for loose change under the sofa.
But in the banking equivalent of hunting for pennies, European financial giants like Banco Santander SA and ING Groep NV are looking to squeeze more revenue from depositors.
... Dispatch continues below ...
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Introducing charges and increasing fees show how a future of sub-zero interest rates is forcing euro-area banks to transfer more costs to clients. While the tactics could backfire by accelerating a shift of depositors into low-cost neobanks, they may help traditional lenders sell more lucrative products.
For a banker, "if you have only a current account with me, I lose money," said Angel Corcostegui, former Santander CEO and founder of private equity firm Magnum Capital Industrial Partners. "Banks need to be a clearer about the costs they assume."
The move toward more fees will most likely have more impact on those who don't have a steady paycheck or the means to buy financial products, said Patricia Suarez, president of financial consumer watchdog Asufin. "They're separating more profitable clients from the less profitable ones," she says.
In Spain, Santander will introduce a monthly charge in the new year of as much as 20 euros on current accounts for customers who don't meet certain criteria, which include paying in salary and buying at least one other financial product.
Banco Bilbao Vizcaya Argentaria SA is starting to charge customers over 29 years old who don't pay in their salaries and use the account to pay bills. It will also begin charging 2 euros for using cashier services and 0.4% on transfers. ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2020-12-23/when-money-is-free-le...
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