DNB kutter i gebyrfrie uttak: – Det går i feil retning

DNB, a large Norwegian bank, has announced plans to reduce the number of fee-free withdrawals from its Premium Savings Account from 12 to just four per year, starting from January next year. This move will make it more difficult and costly for customers to use their own savings, while simultaneously allowing the bank to generate more revenue as customers keep their money in the bank for longer periods, according to experts.

Trond Døskeland, a professor at the Norwegian Business School (NHH), believes this is indicative of weak competition in the market, stating that it is "stupid, sad, irritating" and a step backward. He told E24, "It's a backward step that goes in the wrong direction." DNB claims, however, that there is strong competition in the banking sector.

Yet, the bank refuses to explain why it is changing the conditions for its customers. The larger the gap between what banks pay in deposit interest and what they earn from loans, the more profit they make, says NHH professor. By making it harder to have money in a high-interest account, banks create a higher cost for customers to be mindful customers, says Døskeland.

Other banks, such as Nordea and Sparebanken Norge, also have four fee-free withdrawals per year on their high-interest accounts and have had this policy for a longer period. Similarly, Storebrand has this policy as well. BI professor Gisle J. Natvik points to the lack of competition in the banking market as an explanation for why banks can make these changes.

"They make the product worse, or at least more expensive for customers," he told E24. He finds no explanation in the market for why banks are making these changes now. The latest interest rate change is not a reason to limit the number of withdrawals, according to BI professor. Banks earn more interest income and lock money away, making it very beneficial for the bank, he says.

He notes that banks' high profits may also indicate little competition in the market. DNB made a profit of 54 billion kroner last year, with a profit of 13 billion kroner in the previous quarter. Another possible explanation could be that customers do not particularly care about fewer withdrawals, according to Natvik. NHH professor Døskeland notes there is no technical reason for more administrative costs for banks when there are fewer withdrawals.

"There is no difference in the data transactions whether you make four withdrawals or make it the fifth time," he says. DNB stated in an email to E24 that "we strongly experience strong competition among banks." However, they do not answer why they have tightened the conditions for customers.