Luxembourg banks are making record profits at the expense of customers by cutting back on their services, the Luxembourg Consumers’ Union (ULC) criticises in its latest press release (GER). While banks have made historic net profits of €6.6 billion, mainly due to the strong increase in the interest margin, customer services are being systematically shut down, the ULC argues.
The statement goes on to note that agencies are being closed across the country and that fewer services are being offered in general. Additionally, services such as cash withdrawals and transfers are also becoming more expensive, the ULC laments.
The Union thus deems the banks’ behaviour impudent and demands a transparent pricing policy, fair conditions for taking out a loan, better customer service, and political intervention to put pressure on the banks.
