Aargauische Kantonalbank abolishes annual fee for debit card
Published: Tuesday, Feb 20th 2024, 11:20
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Following the abolition of account management fees, the Aargauische Kantonalbank (AKB), a universal bank, is also abolishing the fee for the Debit Mastercard. The state-owned AKB sees itself as the "most attractive universal bank" in Switzerland.
From April, the AKB Debit Mastercard will be free of charge, as the cantonal bank announced to the media in Aarau on Tuesday. The previous annual fee of CHF 48 will no longer apply for customers. Cash withdrawals at all ATMs of the Swiss cantonal banks will remain free of charge.
AKB CEO Dieter Widmer said that the bank's clients are sharing in its success. The bank gained 22,000 new customers last year.
It had already abolished account management fees and booking charges on private and corporate accounts in 2023. AKB was the first universal bank in Switzerland to take this step.
AKB posted a record profit of 253.8 million francs in 2023. This is an increase of 41.8 percent compared to the previous year.
The Cantonal Bank intends to hand over CHF 117 million to the state as owner. This is in addition to the payment of the state guarantee of CHF 14 million. The bank will also pay taxes of CHF 13.3 million.
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