ABN Amro slashing account prices

Dutch bank ABN Amro is lowering the cost of many of its consumer products by up to 60 percent, the company announced in a statement on Friday. The discount will be given to new clients, and also to existing customer accounts. The bank believes some 95 percent of its 3.5 million clients will benefit. A standard account package including a debit card and access to internet banking will see a price reduction from 39 euros annually to 16.80, or a drop from about 3.25 euros per month down to 1.40. Rabobank is also dropping the price of a similar service to €1.20 monthly, a move that should affect about two-thirds of its client base. ING started charging about €1.45 in January. SNS Bank’s rates are roughly €2.50 per month. ABN Amro leader Frans Woelders said the bank is responding to one of its customers’ biggest complaints. He told newspaper AD that he is surprised by how annoyed customers get over the rather small charges, when they will easily hand over 40 to 50 euros on an internet connection at their homes. “Customers complain that the rates increase every year, while they need to do more and more themselves,” a spokesman for consumer lobbyist Consumentenbond told the newspaper. ABN Amro will allow their Personal Package subscribers to instead opt for one of three new packages, meant to get away from a one-size-fits-all mentality. The middle-level package will include more services, like a credit card, or a joint bank account, while the most expensive package adds accruing interest for current accounts with cash in them. The top package will end up costing more than the current offerings. The bank will begin the new service arrangement from April.