From Account to Account VII

 The investigation comprised Handelsbanken, SEB, Nordea Bank and Föreningssparbanken, and in terms of the fees for cards also SkandiaBanken and ICA-banken. The results of the investigation are as follows:

• The banks have procedures that ensure that the agreements reached with other banks concerning cross-border payment transfers within the EEA comply with current EU rules.
• The fees charged by the banks for international payments have increased slightly compared with 2003. However, the fees for what are known as EU payments have not risen. Although certain fees have been raised, these are not sufficient, with one or two exceptions, to cover the banks' costs for the services.
• Occasionally, the banks charge a fee for certain EU payments that they refer to as notification costs. Domestic payments are normally not notified. In the opinion of FI, notification costs do not breach EU regulations, if it is possible for the customer to abstain from the cost. Accordingly, FI has urged the banks to review their pricing, to ensure that it is not price discriminatory. Information about prices should also be made clearer so that customers understand what they are paying for. A follow-up will be conducted during the first half of 2006.
• The fees for card purchases and withdrawals from ATMs within the EEA are unchanged compared with the levels that applied in 2003.
• Following the penalty fees that SEB and Handelsbanken had to pay in autumn 2004 for inadequate advance information about the cost of payment transfers, these banks have taken actions and, for example, ensured that customers always receive written price information. In addition, SEB and Föreningssparbanken have introduced post-payment information on account statements concerning the exchange fee charged in connection with international card transactions. In view of this, FI sees no reasons to take further action.
• During 2005, FI has only received a few complaints from consumers regarding these services. During the same period, the Consumer Bank and Finance Agency has had about 50 consumer contacts concerning payment transfers within the EEA, which is somewhat more than in 2004. The impression gained by FI of these consumer contacts is that although the banks provide written information, it is frequently too complex for the consumer to comprehend. The banks need to increase their efforts to make the information more easily comprehensible, clear-cut and sufficient. This is made particularly important by the fact that the international payment service is something that most consumers use extremely rarely.

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