Summary 11 French banks were fined for agreeing on fixed fees to be paid by banks for each interbank check, thereby distorting competition on the bank market. Facts Before 2002, interbank checks were physically transported from a bank to another, entailing processing costs and implying an average 3.4 days total processing time. This processing time allowed drawee banks to pay the remittent bank a few days only after the check was given by the beneficiary of a payment to its bank. With the implementation of the euro, on January 1, 2002, French banks decided to set up a new digital system for processing and clearing interbank checks. The new “Exchange Checks-Image (EIC)” system enabled banks to save processing time by stopping the physical circulation of checks. Dematerializing
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The French Competition Authority fines national banks for illegally agreeing on interbank fees for dematerialized checks
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