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Visa Europe and Mastercard are also on Brussels' radar (Photo: Lotus Head)

Brussels to take on European banks over excessive costs

The European Commission on Wednesday (31 January) threatened to take legal action against Europe's banking sector which is suspected of charging consumers excessive prices for making card payments and holding accounts.

EU competition commissioner Neelie Kroes told reporters that the damage caused by banks' anti-competitive behaviour amounts to some "hundreds of euros per family."

The damage is allegedly caused by non-transparent charges during card payments; high costs for switc...

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Visa Europe and Mastercard are also on Brussels' radar (Photo: Lotus Head)

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