French Banks To Cut Interbank Debit Fees In Antitrust Deal

Law360, New York (July 5, 2012, 3:38 PM EDT) -- France's competition watchdog said Thursday that it has reached an agreement with a host of French banks including Banque de France, BNP Paribas SA and Societe Generale SA to gradually eliminate interbank fees on certain kinds of debit transactions.

The Autorite de la Concurrence says it has obtained commitments from the banks to do away with the primary interbank fees on direct debits, transfers, interbank payment orders, online payments, electronic bills of exchange and other noncash means of payment.

Following a referral by two consumer groups...
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