BOV

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.

Related

‘Is this a joke?’ Locals infuriated with St Paul’s Bay hotel over non-Maltese speaking receptionists

February 28, 2024
by Anthea Cachia

While some argued that locals don't want low-income jobs, others stated that this is still unacceptable

Malta Enterprise and INDIS in the hot seat following publication of Sofia public inquiry

February 28, 2024
by Helena Grech

In December 2022, Jean Paul Sofia lost his life when a building collapsed on Government-owned land in Corradino

Malta Development Bank brings together key stakeholders from the commercial banking sector 

February 28, 2024
by BN Writer

The meeting underscored the significance of collective efforts in fostering a fairer transition towards green and digital initiatives