This Thursday, PAN presented a bill that aims to limit bank fees charged for transactions made through payment apps operated by third parties such as MB Way.
This is in reference to the recent news that SIBS, the manager of the Multibanco network and the MB Way service, intends to allow the latter to be linked to payment accounts in addition to the existing solution of linking to payment cards, which led to Deco – – The Portuguese Consumer Protection Association will warn of the risk of increased fees in the new system of transfers between accounts.
According to Decaux, the change could lead to “a sharp increase in fees, which make the average cost of MB Way transfers around 40 euros, rising from almost 10 cents to 80 cents or more than one euro.”
PAN proposes, bearing in mind the demands of this consumer protection association, that the current regime of the MB Way service linked to payment cards be guaranteed for the new MB Way service linked to payment accounts.
“This means that in this service, which will be available to the public in September, transfers of up to 30 euros should be free up to a limit of 150 euros or 25 transactions per month and that a bank fee may only be charged if these limits are exceeded,” People-Animals-Nature detail.
In case these transfer limits are exceeded, PAN suggests that the fee should not exceed 0.2% of the transferred amount if it is a transfer made using a debit card or account balance, or 0.3% of the transferred amount if the transfer is made using credit cards.
Currently, the party recalls, legislation sets limits on bank commissions for transactions carried out through applications such as MB Way, but these limits only apply to transactions carried out using payment cards.
The use of SIBS now also allows for bank account-based transfers – a modality not provided for by law and which results in higher fees for this type of transaction – and therefore PAN also proposes an update to the law that ensures that both types of transfers are subject to the same fee limits.