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No more free bank accounts for POST customers

No more free bank accounts for POST customers

by Kate OGLESBY 06.10.2021
As of January 2022. clients will face a charge of at least €2 per month for having an account
A business man stands outside POST's building in the Luxembourg Gare district
A business man stands outside POST's building in the Luxembourg Gare district
Photo credit: Guy Wolff

Customers banking with POST will need to start paying to have their money stored with the Luxembourg company, which said this week it would stop offering free accounts as of next year.

The state-owned company will introduce the charges on January 10, 2022. Customers with a basic bank account will need to pay €2 per month to the postal company, which also operates the country's largest internet service and mobile phone networks. 

Those whose bank accounts have more features, such as more credit or debit cards, could pay up to €7 every month.

As well as charging customers a monthly rate, clients will also need to pay for meeting a member of staff in person, rather than online. Customers will need to fork out €3 for a consultation, while a paper extract of their balance will cost €1. Customers transferring money over the counter will also be charged.

Online transfers will still be free of charge, as will ATM cash withdrawals.

About 30,000 to 40,000 current account holders with POST have no other bank accounts, according to the company. But many accounts are only used as custody accounts without any banking transactions being carried out with them.

Post reported 2020 profits of €36 million on flat revenues of €864 million in May this year, down slightly from 2019. The company is the country's largest non-government employer, with almost 4,700 workers last year.

(Additional reporting by Marco Meng)

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