Prices are rising across all sectors, including banks - although their fee increases have virtually passed under the radar. Banking fees have risen by almost 15% yearly in Luxembourg. Our colleagues at RTL 5Minutes spoke to Claude Hirtzig of the Banque et Caisse d’Epargne de l’État on Wednesday.
When questioned on the topic, Hirtzig argued that the bank had not increased prices for the sake of it. Instead, he said it was due to inflation and the bank’s adapted services, which have in turn increased fees.
Hirtzig said the Spuerkeess had maintained prices for a fairly long time prior to the increase, which took place in 2021. Now though, costs relating to debit and credit card charges have risen, for two reasons in particular.
The classic VPay card has been replaced with a Visa Debit card which can be used online'; however, the replacement card costs more money to operate, which has been reflected in the price increase, according to Hirtzig.
Credit card insurance has also been adapted, which has impacted prices. In addition, other products such as the bank’s Zebra and Zebra Premium packages saw their prices jump up by a euro a month, 12% more than in 2021.
Hirtzig said these increases were justified as the prices had not been amended since 2015 and 2001 respectively and were therefore in need of an update.
The director said the discussion warranted some nuance, explaining the prices would not increase to this effect on a yearly basis. “We tend to keep our prices stable,” he added.
The price increases are therefore a reflection of the inflation, and the updated content of the packages available to the bank’s customers, he concluded.
Representatives from the BGL BNP Paribas did not respond to RTL 5Minutes’ request for comment submitted last week. The banking syndicate Aleba has also not yet issued a statement on the increase banking charges.
