NewsLocalStrong public reaction against higher bank charges continues

Strong public reaction against higher bank charges continues

Strong public reaction over the recent decision of Cypriot commercial banks to impose new charges on clients continues as political parties, consumers associations and unions try to find ways to avert it, Philenews reported on Wednesday.

At the same time, the Central Bank of Cyprus (CBC) released a statement late on Tuesday saying that it would look into the issue take any appropriate action within the framework of its responsibilities.

CBC also noted, however, that under the current law its power to intervene in the pricing policy of banks is limited to this type of account – referring to personal accounts that offer clients basic banking products and services.

In the case of the Bank of Cyprus, the charge for a current account went up from €3 every three months in January of 2020, to €6 every three months in the first few months of 2021, while starting in February of 2022, this will rise to €12 every three months.

For Hellenic Bank clients, the cost for a current account two years ago was set at €2 per month, while the new cost will be €2.90 per month. For savings accounts, Hellenic Bank will up the annual cost from €5 per year to €5 for every three months, an annual increase of €15.

The Bank of Cyprus will also be charging €20 per year for savings accounts, with no charge having been previously imposed on such accounts.

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