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French banks fined over cheque charges

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French banks fined over cheque charges

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Some of France’s biggest banks have been fined close to 400 million euros for colluding on charging fees for cashing cheques.

The national regulator has cited 11 institutions including BNP Paribas, HSBC and Credit Lyonnais.

It says that over a five-year period from 2002-2007, the banks agreed to charge customers 4.3 cents commission on cheques exchanged in France.

The banks have one month to appeal.