Good choices are based on informed decision and hence, consumer protection and education lies at the heart of the Malta Financial Services Authority’s mission. As part of this commitment, the MFSA continually makes available online information and tools to assist consumers of financial services in making an informed decision in respect of a particular financial services and/or product.
The MFSA has recently launched a new Comparison Tool that allows consumers to compare the fees being charged by Credit and Financial Institutions in respect of Payment Accounts held in Malta. The fees displayed in the Comparison Tool reflect the fees of the most representative services linked to a Payment Account, such as those related to the opening of the account, cash deposits and encashment of cheques.
What is the main use and benefit of this Tool?
The tool helps consumers to make a more informed decision by bringing together and comparing fee-related information about Payment Accounts being offered by Credit and Financial Institutions. By having all the information in one place, consumers can easily see what fees entities are charging in respect to a particular product and can avoid hours of browsing and shopping around the individual websites hosted by the different entities.
How does it work?
The Payment Accounts Fees Comparison Tool is accessible via the MFSA website, within the “Consumers” section.
Step 1: Once you are on the web page, you need to select two or three entities of your choice by clicking on their names.
Step 2: Choose a product category - credit card; debit card; payment account or other banking services. A list of the products and services being offered by that entity within the chosen product category is shown.
Step 3: A comparison table containing the fees being charged by the selected entities for the product/service chosen is displayed on screen. You will also have the possibility of downloading a copy of the information generated or send it via email. Links to the entities’ website are also available should you wish to find out more about a specific product or service.
Which products/services can be compared?
Consumers can select one product or service from a range, namely: credit cards, debit cards, payment accounts and other banking services. If a selected entity does not offer a specific product or service, a notification will be shown on screen, and the user will be asked to choose another entity in order to be able to proceed with the comparison.