More and more French people are soliciting other banks in order to benefit from better borrowing terms.
Especially since this approach is now greatly simplified by the bank thanks to free banking domiciliation services. But the offer of a consumer credit offer or mortgage at a tempting interest rate can, unfortunately, hide other costs much less interesting.
Bank charges are not to be taken lightly. Yet their comparison quickly becomes complicated given the lack of transparency that the customer faces.
The cost of the bank: opaque information and a complicated comparison
When we talk about the banks, the French often converge on the same opinion. The fees charged by banking organizations are considered “too expensive”, “unjustified”.
This opinion is explained by a high opacity of fees that banks apply to their customers. Even though they are now required to send an annual fee-specific statement, this is still insufficient.
Where the hurts, it is undoubtedly when one looks at the titles of the expenses. For example, it is justified to ask what are the following invoiced services: “account management”, “debtor account intervention fees”.
In a context of declining interest rates, banks are increasingly competing for the purchase of a mortgage or even as part of a new project. The rates charged by the banks must also be taken into account as a factor of comparison.
Indeed, these fees will be applied throughout the duration of the banking relationship, it is in this respect a significant element.
How to compare bank rates
Despite the lack of transparency, it turns out that in comparison with other European countries, banking services in France are relatively “cheap”. In addition, when we look at the evolution of the cost of the bank for ten years, we note that the increase in prices is stable and especially lower than price inflation in France over the same period.
If a project of financing or the repurchase of operations.loan by the competition often causes a lot of emotion and impatience, it is imperative to remain vigilant and not to stop only to the comparison of the financial conditions.
To compare the cost of one bank with another, it is essential to refer to the updated brochure of conditions and tariffs. This brochure is available on the internet (bank website) or you can request it in your branch.
It is important to compare the cost of payment methods and account maintenance. Most banks offer a formula that integrates a number of services on a daily basis. It is essential to check the usefulness of services and especially the possibility of benefiting “à la carte”. Other elements can be taken into account depending on the use you make of the bank.
So if you regularly need to make transfers abroad, you should check the cost of this operation. For people who travel often, the existence of potential banking partners abroad can also be a point of comparison.
If today the comparison of the banking tariffs remains complex, the State declares itself decided to improve the tools of comparison in the hand of the customers as it is already the case for other services like the plane, the hotel or consumer products through price comparators.