Belgians pay an average of 51.60 euro a year in bank costs

Bank costs have constantly increased since they were introduced in 1990, so much so that they cost the average Belgian household around 51.60 euro a year. This is according to figures published by the Economy SPF, which L’Echo quoted on Saturday.

Bank costs have increased between 2 to 3 percent per annum over the last four years. The Central European Bank’s zero tax policy has severely affected the bank’s profit margins. This has led them to look for new sources of revenue, which includes billing customers, says L’Echo. The costs include account costs, Visa cards, international transfers and penalties when they make too many transactions and interest on overdraft.

However, the paper explained that costs vary from one bank to another. There are also “hidden” costs. For example, many clients pay for insurance on their account they don’t even know they have.

The Brussels Times

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