Thursday , July 7 2022

The CRPC has developed an account cost comparison tool


The Consumer Rights Protection Center (CRPC) has developed a tool to compare the cost of accounts, where consumers can know the costs of payment service providers for their services in Latvia, inform the CRPC.

The comparison tool refers to the services related to the most frequently used payment accounts, thus guaranteeing the transparency and comparability of the prices (costs) offered by the service providers.

It is possible to compare the prices of the most widely used services of banks / payment service providers in the comparison tool: opening and maintenance costs of the account, withdrawal of cash and commissions (at the branch and the Internet bank) , use of debit and credit cards, incl. Cash withdrawals at ATMs as well as usage fees for regular payments.

This comparison tool makes it easier for consumers to navigate their accounts and choose the most appropriate service provider. Similarly, the transparency and transparency of information about the price of services related to payment accounts will enhance competition between service providers.

The information that payment service providers must include in the price comparison tool must be provided electronically to the CRPC annually, no later than March 1 of the current year. The information should also be updated if there are changes, but it must be kept in mind that the payment service provider must notify the CRPC of the change no later than two months before the change is applied. The changes planned in the comparison tool can be seen in a particular bank, showing which positions will change.

The comparison tool is available here.

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