Survey of commercial banks: banks selected by banks paid much less money

"The study found that various on-demand baskets offered last year have saved money. However, every second customer remains in the old method of payment when it pays for each service separately.In most cases, these customers pay too much – often even double, so again, we encourage people to evaluate their choice. change in payment habits and to choose the most rational payment offer, we will return to the methodology to determine the price of the main basket of payment in the autumn and its price, "says Vitas Vasiliauskas, chairman of the Bank of Lithuania

. According to the survey, various baskets of payment services in 2017 will be used for the provision of services.At the end of the year, they chose 1.6 million. banking, but about 1.5 million. such as euro payments, treasury operations, account management, etc., whenever they pay separately. Residents who selected the baskets paid an average of € 10.4 per year for the selected basket of payment services and used all included services.

Not only residents who did not choose the basket, but also more than twice as much as Eur per year. Most of the cost – about a third – was paid for the management of the account, a little less (30%) – for cash withdrawals at ATMs, another for credit cards and wire transfers in euros

payment service – they only pay the cart commission. However, a small portion – about a tenth – of the packers used the services that go beyond the baskets. The average annual cost per capita was about 8.8 euros. They mainly paid cash transactions in ATMs (exceeding the amount of withdrawal from the basket or using a bank of another bank in Lithuania or abroad) and additional payment cards [19659005]. Eur and was 14% higher than 2016 More than two thirds of this amount were collected by banks for payment services – natural and legal persons paid a similar amount for payment services (83 million euros). euros and 85 million euros). There were also changes in prices. For example, in 2017 Significant increase in payment card payments (17%), e-use of accounts (15%), international transfers (8%). The main changes in prices are the appearance of payment service baskets and the elimination of the cost of clearing payments on the account, which is now included in the commission processing fees.

In 2017, about 14.4 mln. Eur has increased banking revenues for the management of individual accounts and businesses. The basket of underprivileged payment services is paid separately for the management of the account, and the fees for this service have been increased by most banks, as well as commissions paid for previously free accounts. However, the processing of an account involves the inclusion of payments received in the account, for which the commission is no longer applicable, as a result of which companies and residents have paid 8.6 mln. Eur minus

The country's commercial banks, called by the Bank of Lithuania, took active measures this year and closed more than a quarter (about half a million) of all unused customer accounts. At the same time, they ensured that customers whose accounts were empty and unused would not cost them to close them.

Last year, most of it was a quarter (EUR 22.3 million) – cash withdrawals were made to reimburse expenses. It should be noted that even 40% "The situation of consumers in a highly concentrated payments market is probably reinforced by powerful new entrants who, in their struggle to force their customers to squeeze the old ones." We continue to make efforts to increase the number of newcomers and we expect consumers to become more and more tangible soon, "says V. Vasiliauskas

Currently, the Bank of Lithuania is studying three applications for specialized banking licenses, including: providing services In addition, since 2017 The Bank of Lithuania has started its operations in the field of payments and has already given half a dozen operating licenses to monetary institutions.We are in the process of examining about 30 other requests

Completed by 12:05 Comment from the Lithuanian Banks Association

By reply According to the results of the survey presented by the Bank of Lithuania, we would like consumers to be able to make significant savings. We would also like to draw attention to the fact that consumers who choose their service baskets are more active in using electronic means of payment. Nevertheless, the use of money remains an acute problem.

Consumers who chose the service baskets saved

in 2017. The new regulations on the SDS and bank stocks have pushed consumers to choose baskets of bank payment services. According to data from the Bank of Lithuania, about 40% of bank customers took advantage of this opportunity.

"The data available at the Lithuanian Banking Association suggests that the majority of consumers who have opted for payment baskets have saved up." Customers who have not chosen a service plan may have their own arguments, but on the basis of available data, their choice is not economically rational. "According to Mantas Zalatorius, president of the Lithuanian Banks Association, users who have opted for the payment service baskets and who used only the services included in the survey, have made their best efforts to provide service plans to customers.In the basket of services, on average, they issued 10 euros of payment services l & # 39; last year, and without choosing to choose service baskets, they spent nearly 22 euros a year

"Bank customers should pay attention not only to the baskets of service e, but also to their behavior and their habits of using money in order to save money. First of all, it is worth paying attention to cash transactions, as about 30% The commission paid to banks for all residents is precisely the cost of cash transactions, "says Zalatorius

compared to 2016, cash withdrawals in ATMs rose 10% last year. Cashier operations not only cost the consumer, but also limit the ability to reduce the gray economy. According to the Association of Lithuanian Banks, representatives of the central bank, commercial banks and other institutions responsible must be involved in the fight against cash transactions.

Money should be avoided abroad. While only 4-5% of consumers carry out cash transactions abroad, these transactions are expensive and complex not only for consumers but also for banks. Therefore, the Lithuanian Banking Association calls for electronic and electronic means to be declared both in Lithuania and abroad, which is not only cheaper but also safer.

We note that the apparent increase in payments is among those who chose the basket, which means that those who chose the basket are more actively using electronic money transfers. The basket fulfills an educational function and encourages people to transfer their banking operations into the electronic space.

Growth of Income and Expenses

"Although consumers choose their service baskets compared to 2016, has grown – in other words, consumers pay less, and banks receive more revenue, "says Zalatorius.In his view, the main reason for the growth of commission income is the increase in customer activity, which was significantly influenced by the growth in revenues of customers (salaries). The introduction of additional commission charges (such as account processing fees) contributed to the growth of bank income, but these fees did not affect the consumers who chose the baskets. services

This has been conditioned by rising labor costs, active banking investments in the development and modernization of services: development of infrastructure and infrastructure. e card reading, instant payroll preparation, contactless billing, mobile banking, regulatory change costs, and more.