Prices of banking products have increased in early 2024

In a Financial Sector Advisory Committee (CCSF) report published on Tuesday, the Banking Price Observatory (OTB) noted that most banking product prices have started to rise again in early 2024. Of the 14 products examined, eight increased.

The trends observed at the beginning of 2024 for the 100 banking institutions forming the panel of the Banking Tariff Observatory (OTB) show, in the majority, an increase in the prices of banking products between December 31, 2023 and January 5, 2024. A report published by the Financial Sector Advisory Committee, which oversees the OTB, highlights an increase in average prices on eight services from 0.01 euro to 0.82 euro (+ 0.13% to + 3.70%).

Eight services are affected by the increase

This relates to the following services:

• intervention commission (per operation), with 0.13% (0.01 euro);
• cash withdrawal with 0.99% (0.01 euro) (case of withdrawal in euro from ATM of other organization with international payment card in euro zone);
• provision of debit card (systematic authorized payment card) with 1.67% (0.51 euro);
• Debit card provision (international payment card with instant debit), 1.85% (0.80 Euro);
• occasional branch transfers, with 1.89% (0.08 euros);
• Debit card provision (international payment card with deferred debit), 1.90% (0.82 euros);
• account maintenance (assets), with 3.01% (0.62 euros);
• Direct Debit (fee for setting up a SEPA Direct Debit mandate), with 3.70% (0.02 Euro).

This latest increase is due to single banking establishment pricing, a service being provided free of cost in almost all banks, the report details.

Two services down and four stable in prices of banking products

In contrast, the average annual cost of 2 banking product services saw a decline, namely:

• Subscription to products that provide alerts on account status via SMS – flat rate price, -9.32% (-1.54 euros);
• Subscription for remote banking services (Internet, landline telephone, SMS, etc.) – 7.96% (- 0.13 Euro), this service is provided free of charge in most banking institutions.

Additionally, stability is noted in average rates for four services, two of which remain free (Internet Transfer and Direct Debit). This includes subscribing to products that alert on account status via SMS, occasional internet transfers, direct debit (fee per payment of SEPA Direct Debit) and contribution to loss insurance offers or theft of payment means.

Commenting on the published report, the French Banking Federation (FBF) notes that “ Low and moderate increases relative to inflation (4.9% recorded by INSEE in France last year, editor’s note) in core prices of most banking products “