News Local Bank of Cyprus suspends increase of charges

Bank of Cyprus suspends increase of charges

Bank of Cyprus (BoC) decided to suspend the increase of bank commissions and charges that were announced by the financial institution a few days ago, following a meeting between the BoC CEO Panikos Nicolaou and DISY leader Averof Neofytou on Thursday.

However, the suspension does not refer to the International Business Centers (IBC), and the new charges will enter into force for the clients’ of the IBCs on January 13, 2020.

Inter alia, Nicolaou underlined that BoC aims to boost the bank’s digitization but acknowledged that the Cypriot society is not ready for such a big change.

Bank of Cyprus would have applied new transaction charges as of January 13, 2020, attempting to align with international e-banking developments.

Last week the Bank of Cyprus came under fire from political parties and its customers after announcing increased commissions and charges, which for the most part have been doubled, and in some instances more than doubled.

The new state of play for both natural persons and businesses provides that fees for a new chequebook for individuals increases from €25 to €40 and for a Special Presentation chequebook the cost rises to €40 from €20.

In addition, paying utility and tax bills through a cashier and through JCC Smart would have increased to €5 from the current €2 per account. Payment through 1bank would remain free.

The cost of cash withdrawal from bank cashiers would also increase. Today, it is 1% with a minimum of € 0.05 and a maximum of €2. As of January, the charge would be 1% with a minimum of €0.50 and a maximum of €5. For cash withdrawals over €15,000, the charge would be 1% with a maximum of €50. There is no such charge in the present price-list.

Quarterly administrative fees on certain amounts would also rise for current accounts with a limit. Up to €3,000: €6 (current is €3), between €3,000-€10,000: €10 (current is €5), between €10,000- €100,000: €50 (current is €35). Administrative fees for current accounts without a limit will rise to €6 from €3.

In addition, annual rent for safe deposit boxes up to 6,000cm increases to €90 from €60, to €100 from €70 for boxes between 6,001-10,000cm, to €110 from € 80 for boxes of 10,001-15,000cm, to €120 from €90 for boxes between 15,000-20,000 cc, to €130 from €100 for boxes between 20,001-50,000 cm, and to €170 from €140 for boxes over 50,001cm.

Moreover, membership fee for Visa Classic would increase to €12.50 from €10, for Visa Gold to €55 from €50 and for Visa Platinum to €90 from €85.

Source: Philnews

Top Stories

164 new cases, one death announced on Tuesday

 The Health Ministry announced the death of one person due to COVID-19. This raises the death toll from the virus in Cyprus to 176,...

Where to get antigen rapid tests on Wednesday

The Health Ministry announced the following antigen rapid test sites for Wednesday, 20 January 2021:   LIMASSOL Parking place Sklavenitis supermarket, Germasogia 08:30-16:30 Grigoris Afxentiou Square 08:30-16:30 Parking place...

Italy’s Mount Etna erupts at night time

Long streams of red-hot lava flowed down Mount Etna as Europe's tallest and most active volcano erupted again.   At 10,926 feet, Etna is the continent's...

Cyprus secures another 565,000 doses of Pfizer/BioNTech vaccines

Through additional procedures of the European Commission, Cyprus secured another 565,000 doses of Pfizer/BioNTech vaccines, increasing the number of orders from the specific company...

Everything ready for inoculations among enclaved Greek Cypriots and Maronites

All necessary arrangements have been made to start inoculating against COVID-19 the enclaved population and those who repatriated in the Karpas peninsula and the...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...