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 €384.9 million 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:[1]
- Banque de France
- BPCE
- Banque postale
- BNP Paribas
- Confédération Nationale du Crédit Mutuel
- Crédit Agricole
- Crédit du Nord
- Crédit Industriel et Commercial (CIC)
- HSBC
- LCL
- Société Générale
Notes
- 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
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