Bloomberg News

Italian Lenders Lowered Account Costs in 2010, Central Bank Says

October 11, 2011

Oct. 11 (Bloomberg) -- The cost of holding and managing bank accounts in Italy fell 3 percent in 2010 as clients reduced transactions and lenders cut charges, the Bank of Italy said.

The average cost declined to 110.20 euros ($149.9) from 113.6 euros in 2009, the Rome-based central bank said today in a report based on a survey on 11,114 clients at 176 banks. Almost 59 percent of costs consisted of fixed fees, 25 percent of variable fees and the remaining 16 percent of overdraft charges, the report showed.

The decline “was due to lower charges for managing securities, interest payments, mailing bank statements and other communications” as well as fewer transactions by clients, the central bank said. The drop “did not affect some important kinds of fixed charges, such as the annual fee, or variable ones, such as the cost of wire transfers.”

--Editors: Jeffrey Donovan, Dan Liefgreen

To contact the reporter on this story: Lorenzo Totaro in Rome at ltotaro@bloomberg.net.

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net.


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