AL Sydbank Removes Account and Debit Card Fees for NemKonto Customers

AL Sydbank is waiving basic account fees for customers who select it for NemKonto. This change can save residents up to 600 Danish kroner every year. The free package includes a basic bank account, online banking, and a debit card. Customers must register their primary NemKonto with the bank to get free service.

AL Sydbank was formed by merging Arbejdernes Landsbank, Vestjysk Bank, and Sydbank. Arbejdernes Landsbank previously offered these free services to its own customers. Now the merged institution extends the offer to all its private customers.

Bank director Svend Randers said the bank promised free basic services during merger talks. He confirmed that the bank is now fulfilling that promise for everyone. The bank wants to attract new clients and keep existing ones. It hopes clients later buy home loans, car loans, or retirement savings products.

Earlier this summer, the bank announced various fee adjustments across its services. A Mybanker analysis for TV 2 examined those merger fee adjustments. The analysis showed fees increased for 55 to 60 percent of services. Meanwhile, fees decreased for 25 to 35 percent of bank services. The bank has not yet decided which debit card gets included. This news was originally reported by CPH Post.