The Malta Independent 12 May 2021, Wednesday

MFSA launches Payment Accounts Fees Comparison Tool for consumers

Sunday, 2 May 2021, 10:00 Last update: about 10 days ago

The Malta Financial Services Authority (MFSA) has recently launched a new Comparison Tool that allows consumers to compare the fees being charged by Credit and Financial Institutions in respect of Payment Accounts held in Malta.

The tool allows consumers to compare, for instance, certain fees in place for savings accounts, debit cards and more.

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“A core responsibility of the Malta Financial Services Authority is to make sure that consumers are well-informed about financial products and services,” Lara Falzon, Senior Manager at MFSA’s Conduct Supervision explained.

The new Comparison Tool on the MFSA website allows consumers to compare fees being charged by Credit and Financial Institutions for Payment Accounts, Falzon explained. A Payment Account is defined as an account held in the name of one or more consumers which is used for the execution of payment transactions.

“An account offered by a Credit or Financial Institution can be considered as a Payment Account only if consumers are at least able to do all of the following actions: (a) place funds in a Payment Account; (b) withdraw cash from a Payment Account; and (c) execute and receive payment transactions, including credit transfers, to and from a third party,” Falzon explained.

“With a few simple clicks, consumers can easily compare the fees set by different Credit and Financial Institutions for the same product. By providing an easy-to-use online platform, which is also free of charge, the MFSA is making the Tool more accessible to a larger demographic of consumers, ultimately enabling them to make sensible choices when it comes to their financial needs.”

The Tool aims to help consumers make more informed decisions in respect of the Payment Accounts held or yet to be held with Credit or Financial Institutions.  Consumers should always refer to the tariff sheet of these Institutions for the full list of fees being charged in relation to a particular service or product.

The Tool allows consumers to compare a minimum of two and up to three Credit or Financial Institutions at once. The services and products for which consumers can compare the applicable fees include credit and debit cards, Payment Accounts as well as other banking services.

“The fees displayed in the Comparison Tool reflect the fees of the most representative services linked to a Payment Account, such as those related to the opening of the account, cash deposits and encashment of cheque,” Falzon added.

 

 

How does it work?

1.     First, you need to select two or three entities of your choice by clicking on their names. 

2.     The next step is to choose a product category - credit card; debit card; payment account or other banking services. A list of the products and services being offered by that entity within the chosen product category is shown. 

3.     Finally, a comparison table containing the fees being charged by the selected entities for the product/service chosen is displayed on screen. You will also have the possibility of downloading a copy of the information generated or send it via email. Links to the entities’ website are also available should you wish to find out more about a specific product or service.

 

The Payment Accounts Fees Comparison Tool is accessible via the MFSA website, within the “Consumers” section.

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