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Austria's Consumer Protection Ministry Mandates Action Against Banks for Low Interest Rates
According to the Consumer Protection Ministry, the practice of Austrian banks of charging high-interest rates on overdrafts while granting no interest at all on credit balances is meeting with growing resentment among consumers.
The fact that banks constantly raise debit interest rates while leaving credit interest rates at zero is unacceptable according to the Ministry of Consumer Protection. / Picture: © Wikimedia Commons, Håkan Dahlström from Malmö, Sweden, CC BY 2.0
The Federal Ministry of Social Affairs, Health, Long-Term Care and Consumer Protection has now reacted and commissioned the Association for Consumer Information (VKI) to initiate a representative action against the banking sector. The focus of this lawsuit is the business policy of the banks, which continuously raise debit interest rates while credit interest rates remain at zero.…
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