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

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