22 October 2017
Register now

French banks fined EUR345m for cheque fee price fixing

20 September 2010  |  8690 views  |  0 Arc de Triomphe

France's competition watchdog has fined 11 banks a total of EUR344.9 million for colluding to charge customers "unjustified" interbank fees during the switch-over to a new digital cheque processing system.

The Autorité de la concurrence says that in 2002 when a digital system for processing and clearing interbank cheques was set up, the guilty parties colluded to raise several fees.

These included a 4.3 cent levy on 80% of cheques exchanged in the country until July 2007. According to the banks, the fee's aim was to offset losses in interest payments caused by the acceleration of interbank clearing thanks to digitalisation.

In a statement, the watchdog says: "The Autorité considers that there is no evidence to prove that the transition to ECI (exchanges check-image) has provoked net losses to any of the banks involved. Therefore, the justification presented by the banks of the necessity of a compensation mechanism, could not, in any event, justify the fee".

The banks were fined a total of EUR381.1 million for imposing the fee and a further EUR3.8 million for two additional fees for 'related services'. However, six other related fees charged were deemed justified.

The guilty banks are Banque de France, BPCE1 , Banque postale, BNP-Paribas, Confédération Nationale du Crédit Mutuel, Crédit Agricole, Crédit du Nord, Crédit Industriel et Commercial, LCL, HSBC and Société Générale.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Ditching cash and cheques could save Ireland EUR1bn - NIB

Ditching cash and cheques could save Ireland EUR1bn - NIB

09 September 2010  |  12882 views  |  1 comments
UK banks vote to bounce cheques by 2018

UK banks vote to bounce cheques by 2018

16 December 2009  |  15755 views  |  2 comments

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.fivedegrees.nlvisit www.vasco.comvisit www.atos.net

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
14947 views comments | 17 tweets | 29 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
13359 views comments | 22 tweets | 28 linkedin
satelliteGates Foundation backs Ripple collaboratio...
9881 views comments | 13 tweets | 10 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
9863 views comments | 12 tweets | 23 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8884 views comments | 9 tweets | 18 linkedin

Featured job

Competitive base + commission + benefits
Denmark, Finland, Iceland, Norway or Sweden

Find your next job