Bank fees behaviour study : Final report

The markets for bank accounts across the EU differ considerably among Member States, i.e. they are still fragmented along national lines and there is limited integration across different Member States. But even within national markets, there is evidence of major obstacles to consumer choice and mobility. The lack of transparency and comparability of bank fees, and high switching costs for consumers, are two outstanding indications of a market which is not functioning well. The aim of this study was to investigate whether different (information-based) EU policy measures would help to improve transparency and comparability of bank fees, thereby increasing the willingness of consumers to ‘shop around’ and to take optimal or more rational decisions when it comes to opening and switching bank accounts, than in the absence of such policies.