A guide to bank charges

The Malta Financial Services Authority has published a set of comparative tables about local banks' fees and charges related to bank accounts.

Available in both English and Maltese, the tables have been designed to help consumers compare and select products and services related to debit and credit cards, savings and current bank accounts, paying and receiving money by cheque and local bank account transfers.

The information in the leaflets is detailed, educational and user-friendly, a great help to customers who want to avoid having to shop around, although the MFSA emphasises that the leaflets should not be the only source of information.

The tables, for example, show that annual interest rates on credit cards stand at 8.5 per cent for Bank of Valletta, 8.25 per cent for HSBC and 9.5 per cent with Lombard Bank. The MFSA said it intends to publish other comparative tables which will include information about prices and tariffs of a number of commonly used products and services provided by banks, insurance and investment services.

This is in line with the authority's function to promote the general interests and legitimate expectations of consumers of financial services and to promote fair competition practices and consumer choice in financial services.

These tables can be downloaded from the MFSA's consumer website www.mfsa.com.mt/consumer and are also available on request through e-mail tables@mfsa.com.mt

For more information, consumers may contact the MFSA consumer freephone helpline 8007 5924 during office hours.