By up to 132 percent!

AK: Banks raise some of their charges sharply

Although customers often have to use self-service machines, banking services are becoming increasingly expensive.

(Bild: Patrick Huber)

Banks are paying well for their services - and now ten out of eleven financial institutions examined have increased their charges, in some cases significantly. It is noticeable that "do it yourself" banking is becoming increasingly expensive, according to the Chamber of Labor (AK) in its banking monitor.

One bank increased its payment transaction fees for ATM cards by 132 percent. According to the AK, 53 expense items in payment transactions, savings, loans and securities were compared.

"Compared to last year's AK Banking Monitor, the banks have now tightened the screw on charges more comprehensively," noted Christian Prantner, AK consumer protector, in a press release. "Last year, six banks increased their prices, this year it was ten."

Cash withdrawals are becoming more expensive
Prices were raised the most for transactions at the cash desk or over the counter. But cash withdrawals via ATMs are also becoming increasingly expensive. Banks charge a fee for withdrawals either immediately or after a certain number of transactions.

However, there are not only increases: Bank Austria did increase the charges for 16 services - by an average of 10.10 percent. On the other hand, it completely abolished the general hourly rate for consumers of 111 euros and reduced six reminder fees, in some cases by around 46 percent. However, the AK refers to corresponding court rulings that have "deemed the charging of certain fees to be inadmissible".

Bank Direkt - a brand of Raiffeisenlandesbank Oberösterreich - raised the fees for seven services. The card fee for an ATM card was raised by 132 percent. Manual transfers now also cost a third more. Santander Consumer Bank, on the other hand, has not increased its charges.

Customers can lodge an objection
Consumers can lodge an objection if the bank announces higher charges. However, in this case the bank can terminate the account contract, warns the AK. Another option is to keep an eye on the charges and negotiate the conditions with the bank. Long-term customers have the better cards here.

However, expensive charges can also be avoided, for example by making a transfer online rather than at a branch. If the charges are still too high, a change of bank should be considered, AK also noted. The most favorable bank for the respective situation could be selected via its comparison platform www.bankenrechner.at.