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French banks plan to eliminate most of the interbank fees they charge for automated payments and transfers by 2014, Le Figaro reported, citing a statement by France’s competition agency.
In a first step, fees will be cut in half on Oct. 1, and will be eliminated on Feb. 1, 2014, the newspaper reported.
French banks earned 250 million euros ($327 million) in fees charged for 471 billion euros in payments from bank accounts, the newspaper said. The banks chose to eliminate the fees after the agency concluded they were applying the same rate without any regard for the costs involved, Figaro said.
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