Five reasons to use MFSA’s Payment Accounts Fees Comparison Tool

3rd May 2021 • News

Financial consumer protection and education lies at the heart of the Malta Financial Services Authority’s mission. With the firm belief that good choices start with informed decisions, the MFSA is continually making available online tools and resources as part of its commitment to providing accurate and clear information to consumers of financial services.

The new Payment Accounts Fees Comparison Tool on the MFSA website is one such consumer aid. It’s an easy-to-use platform through which one can compare fees being charged by a credit or financial institution in relation to payment accounts. The following five reasons sum up the benefits of the online tool and the features which you should expect when using it.

All in one place

Starting with the most obvious reason, the tool brings together all the fee-related information pertaining to payment accounts, as set by credit and financial institutions regulated in Malta. In a nutshell, it saves you hours of browsing and shopping around the individual websites owned by the different entities. For this reason, it is the ideal go-to source for up-to-date information, especially if you are looking to open a payment account, making it easy for you to compare fees through the table which is generated based on your selection.

Chances are you already use a payment account, or you will need one sooner or later

A payment account is a very common type of account which is used by thousands of consumers locally. It is defined as an account held in the name of one or more consumers which is used for the execution of payment transactions. An account offered by a credit or financial institution can be considered as a payment account only if consumers are at least able to do all of the following actions: (a) place funds in a payment account; (b) withdraw cash from a payment account; and (c) execute and receive payment transactions, including credit transfers, to and from a third party.

While the tool can serve as an excellent source of information for the consumer who is yet to become a payment account holder, it can also be considered an opportunity for existing account holders to assess how much they are paying in fees for that account, and consider switching to a different service provider.

It only takes a few clicks

You can compare a minimum of two and up to three entities at once, with just a few clicks. Once the entities to be compared are selected, the tool prompts you to choose the product category, namely: credit cards, debit cards, payment accounts or other banking services. The fees which are displayed are those related to the most representative services linked to a payment account, such as fees for the opening of the account, cash deposits and encashment of cheques.

It compares fees but doesn’t charge any

The tool, which works on all devices, is completely free of charge and can be used as many times as you need, being available online 24/7. The information available through the Tool is constantly updated with the details as provided by the credit or financial institutions. Nonetheless, you should always refer to the tariff sheet of the credit or financial institution for the full list of fees being charged in respect of a service or product, before making your decision. In case you observe any discrepancies between the two sources of information, you are highly encouraged to report them by clicking on the ‘Report any incorrect information’ tab found at the bottom of the page, and follow the instructions provided.

Easy to store and share

The comparison table detailing the fees for the product or service provided by the entities chosen can easily be stored for future reference. The comparison tool allows you to download the information as a pdf file and print it, also making it easily available for sharing purposes through e-mail.