Zürcher Kantonalbank to scrap banking fees from 2024
From the start of 2024, Zürcher Kantonalbank (ZKB) will scrap annual fees on private customer accounts and debit cards. It will become the first major bank in Switzerland to forgo the charges.
ZKB customers to benefit from no banking fees
In a statement, ZKB confirmed that it would be abolishing the annual account fees placed on accounts and debit cards held by private customers in Switzerland. This will apply automatically to new customers, with current account holders set to benefit from the new system from January 1, 2024.
Under the new system, all current fees related to holding a debit card or current account with ZKB will be scrapped. For the average customer, this will mean 116 Swiss francs extra in the kitty every year. “With the new ZKB Banking offer, Zürcher Kantonalbank is leading the way and is the first major Swiss bank to offer free everyday banking for everyone,” ZKB wrote.
Customers will be able to take out two Visa debit cards and set up three private accounts before any extra fees apply. Savings accounts, eBanking through the internet and banking and Twint on mobile phones will also remain freely accessible.
Renewed hopes that other Swiss banks will follow suit
Speaking to 20 Minuten, ZKB CEO Urs Baumann said that the scrapping of fees “is an important step for Zürcher Kantonalbank to advance the future of Swiss banking. It was important to us that all of our current and future private customers benefit without any ifs or buts - regardless of their wealth or digital affinity." It is hoped that other banks in Zurich and across the country will follow ZKB's lead in getting rid of the fees.
“On the one hand, ZKB Banking is a thank you to our existing customers for the trust they place in us. On the other hand, we would like to launch an attractive, digital banking offer throughout Switzerland,” Baumann concluded.
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