A major bank does not accept that a common current account should be defined as a payment account with basic features, in breach of the law, says the Cyprus Consumer Association, calling on the Central Bank, the Finance Minister and banks "to take responsibility" for faithful implementation of the law.
According to a statement issued by the Association, following publicity about the fee hikes by the two largest banks, "banks have been forced to remove their illegality and accept current accounts as payment accounts with basic features" following complaints by consumer organisations.
It is noted that "at least one major bank does not accept a common current account to be defined as a payment account with basic features, in violation of Law 64(I)/2017". "Consumers have reached their limits. They can no longer afford to be exploited," the statement concludes.
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