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maltatoday | SUNDAY • 2 MAY 2021 14 COMMERCIAL DO you know what fees you are paying for your current Payment Account? Have you ever considered what other Credit and Finan- cial Institutions are charging for the same service? Would you like to save time on gathering fee-related infor- mation from different sources? The new Comparison Tool on the MFSA website allows con- sumers to compare fees being charged by Credit and Finan- cial institutions for Payment Accounts. With a few simple clicks, consumers can easily compare the fees set by differ- ent institutions for the same product. In keeping the user experience top of mind, the MFSA is also making the tool more accessible to a larger de- mographic of consumers, ulti- mately enabling them to make sensible choices when it comes to their financial needs. Here is a guide to what the tool is all about and how consumers can get the most out of it. Where can you find the tool? The Payment Accounts Fees Comparison Tool is accessible via the MFSA website, within the "Consumer" section. You can access it via this link. Why should you use it? The tool helps you make a more informed decision, by al- lowing you to compare the fees which are charged in relation to a Payment Account being offered by Credit and Financial Institutions. The tool is provided free of charge and contains up-to-date information as provided by these institutions. Nonetheless, you should al- ways refer to the tariff sheet of the Credit or Financial Insti- tution, for the full list of fees being charged in respect of a service or product. Which accounts can be com- pared? The Comparison Tool con- tains information related to Payment Accounts held in Malta. A Payment Account is defined as an account held in the name of one or more con- sumers which is used for the execution of payment transac- tions. An account offered by a Cred- it or Financial Institution can be considered as a Payment Account only if consumers are at least able to do all of the following actions: (a) place funds in a payment account; (b) withdraw cash from a payment account; and (c) execute and receive payment transactions, including credit transfers, to and from a third party. Which institutions are included in the Comparison Tool? All Credit and Financial In- stitutions offering Payment Accounts in Malta are obliged to provide the MFSA with the information related to fees be- ing charged to consumers in respect of a Payment Account. Therefore, if a Credit or Finan- cial Institution does not offer a Payment Account, a notification will be shown to the user, in- forming them that this institu- tion does not offer the product. How many service providers can you compare at once? For the same product you can compare a minimum of two and up to three institutions at once. Which products/services can you compare? You can select one product or service from a range, name- ly: credit cards, debit cards, payment accounts and other banking services. If a selected entity does not offer a specific product or service, a notifica- tion will be shown on screen, and you will be asked to choose another entity in order to be able to proceed with the com- parison. Which fees are displayed in the Comparison Tool? The fees displayed in the Comparison Tool reflect the fees of the most representative services linked to a Payment Account, such as those related to the opening of the account, cash deposits and encashment of cheque. How does it work? • Once you are on the MFSA website at https://www. mfsa.mt/consumers/pay- ment-accounts-fees-com- parison-tool/ you need to select two or three insti- tutions of your choice by clicking on their names. • The next step is to choose a product cate- gory - credit card; debit card; payment account or other banking servic- es. A list of the products and services being offered by that entity within the chosen product category is shown. • Finally, a comparison table containing the fees being charged by the se- lected institutions for the product/service chosen is displayed on screen. You will also have the possi- bility of downloading a copy of the information generated or send it via email. Links to the insti- tutions' website are also available should you wish to find more about a spe- cific product or service. What should I do if I notice that the information available on the Comparison Tool is dif- ferent from the one provided to me by the entity? Should you notice any in- congruencies between the fees listed on the Comparison Tool and the information provided in the latest Tariff Sheets pub- lished by the institutions, you may report this to the MFSA by clicking on the "Report any incorrect information" tab and filling in the form. Click, compare, consider: a guide to MFSA's payment accounts fees comparison tool