Graham_Martin
Member
the European Council has installed the regulation that an international bank transfer cannot cost more than a national one; hence nearly every bank decided to charge nothing for fear of losing their customers. Maybe an idea worth following?
The trouble with a Central or Federal government passing regulations as to what a bank may or may not charge is that they will then look for other revenue streams. Here in the US, the Government severely lowered the maximum fees that could be collected each time a customer used their debit/check card at a store. Consequently Bank of America, and others, announced they were going to charge their customers about $5 a month to use their debit (check) card. This caused a huge uproar and legislation was introduced to prohibit or reduce the maximum fee. Because customers became so upset just about all the banks rescinded the new fee program.
The end result was the same except that it was the customers who caused the banks to back down as opposed to the government.