BOV suspends fees on dormant accounts and minimum balance

Bank of Valletta (BOV) has announced it will suspend fees relating to dormant accounts and minimum balance requirements pending ongoing discussions with the Malta Financial Services Authority (MFSA). 

The bank acknowledged that some customers may have not received its advance notification in relation to these charges and insists it is taking appropriate measures.

BOV introduced these fees in September 2020, and says it did so to recover partial costs of retaining accounts for clients who choose to keep their accounts inactive or with a low balance. 

Certain categories of customers were excluded from these fees, the bank emphasises.

In line with its campaign launched in September, Bank of Valletta said it continues to encourage its clients not using their bank accounts to close them or to opt for a basic payment account which is exempted from such charges.

This comes as HSBC, one of BOV’s key competitors in Malta in February refused to “reconsider” its launching of similar customer account fees, despite being urged to do so by the Central Bank of Malta and Malta Financial Services Authority.