BOV announces fee for interbank payments made through branches, changes to cheque-related charges

Bank of Valletta (BOV) has announced changes to certain fees and charges which will come into effect on 2nd January, which include introducing a fee to cheque deposits once a certain threshold is reached.

The move comes as Malta, on 1^st January, will introduce changes to the issuing of cheques in general, where the minimum value for issuing cheques will increase from €20 to €50.

Cheque deposit fees

As per the changes announced, from 2nd January customers may deposit up to 400 cheques per account, per calendar year, free of charge. Once that 400 cheque threshold is exceeded on an account, a €1 fee per cheque will apply to all cheques deposited into that account during that calendar year, including the first 400 cheques.

Changes were also made regarding cheque-issuance fees. The first 40 cheques issued per account, per calendar year remain free of charge. But if more than 40 cheques are issued on a particular account, a fee of €2.50 per cheque will apply to all cheques issued on that account during that calendar year, including the first 40 cheques.

The bank also announced that the 20-leaf cheque book will be discontinued, and that the fee for a 40-leaf cheque book will be revised to €5, inclusive of postage.

Fee for Payments processed at a branch to accounts held with other banks

The bank also announced that from that date, a fee of €50 will apply when requesting a transfer or payment at a BOV branch to an account held with another bank, unless an exception applies.

The exceptions, for which there will be no fee, are for transfers relating to property purchase settlements done through BOV legal office; Inheritance settlements done at BOV; and Loan drawdowns.

The bank noted that many transfers and payments can be carried out quickly and conveniently through BOV Internet Banking or the BOV Mobile Banking App.

The introduction of this fee, as well as the changes regarding cheque fees, could be seen as part of a move to move more payments digital.

Standing-order processing fee removal

The bank also said that the processing fee applicable to BOV-to-BOV third-party standing orders will be removed and it will become free of charge.

The bank said this does not relate to the setup of standing orders through BOV digital channels, which already remains free of charge.

Information about the bank’s fees and charges, including the updated tariffs applicable to these services, will be available in the bank’s tariff of charges and fee information document.