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Massive protest against Danske bank as a new fee charging policy leads to heavy protest from customers.

Monday, 21 January 2013
As predicted, Danish leading bank, Danske bank seems to have bitten more than it can chew since it called the bluff and insisted that account holders must pay a new account ownership charge or fee. It has led to revolt among customers, something that could lead the bank to loose a large chunk of its customers.

Reports in Denmark today is that Danske Bank's decision to introduce a new fee has stirred up a wave of protests in Denmark as customers show their disdain for the new fees. The pressure has been so great that the bank's website has had to collapse and unhappy customers are now looking to take their business to competitors, reports Danish media outlets.

Competitors to Danske Bank, such as Nordea and Jyske Bank say they have received numerous inquiries from potential new customers in recent days since Danske Bank said on Friday that customers will be grouped into different categories and subscriptions fees imposed.

Danske Bank announced that private customers in Denmark will have to pay a new quarterly fee of up to Dkr120 to keep their accounts with the bank. Exceptions are made on students, young people up to 27 years and customers with over Dkr750,000 in savings or loans.

Customers are now on the move and seeking elsewhere. "We have since last Friday marked by increased activity in our telephone banking, and we have also received numerous customer inquiries via the internet from people who are interested to hear about our offer and if they may be customers of us, "said Stephan Ghisler-Solvang, press officer at Nordea, to Danish business daily website, Borsen.dk

Danske Bank's page on Facebook has received countless messages from upset customers who say they want to switch banks because of the new charge. Dissatisfaction is so great that the bank now risk losing customers, reports several Danish media.

"This is going to cost. This is not something customers want. This is an expression that Danske Bank lack contact with their customers, "said an authority to the paper, Berlingske Tidende .

The new account fee affects about half of the bank's two million domestic customers. According to the bank's CEO, Tonny Thierry Andersen the new charge is only for the operating costs on individual accounts. So far, there is no other Danish bank planning to follow similar route.

Some analysts has pointed out that Danske bank is willing to let loose its poorer customers and concentrate of the bigger and richer ones. But in a country where bank ownership is a must, by law for payment of bills and reception of salaries, it is not clear of legally Danske bank can discriminate on its clients based on their wealth position.
by Scancomark.com Team

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