Watch: Is criticism levelled at banks justified?

Amid increasing criticism of banks in Malta due to new fees and branch operations, among others, these issues were discussed on TVM by a consumer and bank representative.

Benny Borg Bonello from the Consumers Union said the situation today had changed completely and where before the customer used to deposit money and receive interest on the money, today he ends up paying bank charges and taking almost nothing in interests. He added that branches and ATMs were in decline to the detriment of consumers, especially the elderly.

Carol Gabarretta, Secretary General of the Malta Bankers Association, agreed that the relationship between banks and customers had changed as a result of pressure on customer revenues and profits as well as the pandemic. He said interest rates had fallen and this was not a decision of local banks.

Follow the full discussion in the video below: