French check processing fee controversy of 2010
In 2010 the French government's Autorité de la concurrence (the department in charge of regulating competition) fined eleven banks €384,900,000 for colluding to charge unjustified fees for check processing, especially for extra fees charged during the transition from paper check transfer to "Exchanges Check-Image" electronic transfer. [1][2]
The banks were as follows:
- Banque de France[1]
- BPCE[1]
- Banque postale[1]
- BNP Paribas[1]
- Confédération Nationale du Crédit Mutuel[1]
- Crédit Agricole[1]
- Crédit du Nord[1]
- Crédit Industriel et Commercial (CIC)[1]
- LCL[1]
- HSBC[1]
- Société Générale [1]
See also
- Cheque truncation
- Substitute check
- Check 21
Notes
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.10 1.11 Collusion in the banking sector, Press Release of Autorité de la concurrence, République Française, 20 September 2010, retrv 2010 9 20
- ↑ 3rd UPDATE: French Watchdog Fines 11 Banks For Fee Cartel , Elena Bertson, Dow Jones News Wires / Wall Street Journal online, retr 2010 9 20