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Online banks won't charge inactivity fees during confinement

Published May 19, 2020 - 2 mins reading time
Bank watch
Online banks often offer a free bank card when you open an account. However, there is a condition for using the card. A fee is charged to customers who do not use their card a certain number of times. Some players have chosen not to charge these inactivity fees during the confinement period.

No fees charged for inactivity

The number of small transactions carried out by bankcard has fallen drastically in retail outlets since the introduction of confinement. At least, this is what online banks have noticed, as they offer their customers a free bank card provided they use it a certain number of times. Most users prefer to use this card for low-value transactions, in order to meet the minimum number of transactions, and use the card linked to their main account with a traditional bank for larger purchases.

In the midst of the health crisis, small transactions are becoming rarer, and consumers may have forgotten their bank card linked to a 100% online account. To avoid penalizing their customers, several banks have decided not to charge inactivity fees during this period.

Which online banks are affected?

Among the players concerned, Boursorama Banque will not be charging inactivity fees to holders of Welcome, Visa Premier and Visa Ultim cards who have not used them in March, April or May. Under normal circumstances, cardholders must carry out at least one transaction per month to avoid these fees, which vary from 5 euros (Welcome card) to 15 euros (Visa Premier and Ultim cards).

Fortuneo has taken the same step for Classic, Fosfo and Gold cardholders, but only for the month of April. Inactivity fees are usually 3 euros per month with a Classic or Fosfo card, and 9 euros per month with a Gold card.

For its part, BforBank reports that the first quarter of 2020 was hardly impacted by the lock-in, and has decided to waive inactivity fees for the 2nd quarter (April, May and June).

Finally, at Orange Bank, users who do not make at least 3 transactions per month with their Visa card will not be required to pay their inactivity fee from April onwards. For Premium cardholders, the threshold has been revised to a single transaction per month, and the fee reduced to 2 euros. " These new features are permanent", explained Orange Bank CEO Paul de Leusse in Le Monde. This decision thus seems to mark a U-turn in the mobile bank's strategy.