Berlin The traffic light government wants to strengthen the consumer policy position of the Federal Financial Supervisory Authority (Bafin) and commissioned the authority to set up a free comparison portal for bank fees. According to Handelsblatt information, however, this could only start with a delay in 2024.
With this portal, citizens should get an overview of the conditions of banks, for example for transfers, cash payments or overnight and time deposits – and ultimately be encouraged to change their bank details if their bank is too expensive.
“We assume that consumers will not be able to access the website this year,” said a Bafin spokeswoman when asked.
Although the Ministry of Finance has further specified the project in its recently submitted draft of the Future Financing Act, there is still disagreement about the specific design of the website. In the meantime, interested parties should use the comparison website of Stiftung Warentest.
According to the European Payment Accounts Directive, Member States should have ensured by the end of October 2018 that consumers have free access to a comparison website. The measures taken by the traffic light government are therefore delayed by several years.
Commercial providers earn with commissions – consumer advocates praise the Bafin model
Consumer advocates welcome the intention to entrust the Bafin with the comparison website. At the same time, however, a conflict is looming: “We don’t believe in the idea of also having private operators certified for a comparison website,” says Ramona Pop, head of the Federal Association of Consumer Organizations (VZBV), to the Handelsblatt.
So far there are no privately operated offers that offer comprehensive comparisons. However, portals that take individual factors into account, such as overnight interest rates or account fees, are common today.
According to Pop, commercial offers, as envisaged in the draft bill, should be “completely avoided”. There is a risk of generating distorted comparison results because the providers earn, among other things, with commissions and do not depict the entire range of offers.
The association is thus referring to past experiences: the previous government relied solely on private initiatives for the comparison website, but experienced a setback. The private comparison portal Check24 organized a certified salary comparison, but the portal was discontinued after a lawsuit by consumer protection groups.
>> Read here: The Check24 bank is making slow progress
The Munich Regional Court agreed with the consumer advocates’ view that Check24 did not take enough banks and account models into account in its comparison model.
On the other hand, consumer advocates only have praise for the Bafin solution. The Bafin stands outside the market and can give the banks guidelines on reporting requirements and the setting up of interfaces, Pop states. The consumer would therefore get an economically efficient and interest-free overall market overview.
>> Read here: Fixed-term deposits and overnight money – What is worthwhile for savers and what is not?
Admittedly, consumers still have to be patient. But when the Bafin comparison portal is up – the official name is “comparison website according to the Payment Accounts Act” – current bank conditions will always be available. Because the payment service providers are obliged to report changes to bank fees, for example for overdraft interest or credit card fees, to the Bafin within three business days of their validity.
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