HSBC Malta has announced that following an additional consultation period, it will be proceeding with the introduction of a monthly Customer Account Fee of €5 which shall be applicable to personal banking customers.
This, despite the Central Bank of Malta and the Malta Financial Services Authority jointly urging HSBC Malta to “reconsider its position” on the monthly fee.
HSBC confirmed that the majority, approximately 75 per cent, of its existing customer base shall not be impacted by the introduction of the fee since they already meet one of a number of exemption criteria.
“The introduction of the fee is designed to partially cover the costs associated with operating an account and will only apply to those customers who do not qualify under any one of the exemptions.”
Following extensive consultations with various stakeholders, including the local regulatory authorities, the HSBC Malta will introduce a revised version of the account fee that further widens the scope of these exemptions.
The fee will be applicable as from May 2021, whilst for customers over the age of 61 years, it will be applicable from June 2021.
HSBC Malta confirmed that it will shortly be communicating with customers to provide a clear explanation of the fee applicability. Customers are invited to approach the bank through their preferred channel should they need any further clarification.
The fee does not apply if customers meet any one of the following exemptions:
*Additional exemptions introduced following further stakeholder consultation
Crawford Prentice, Head of Wealth and Personal Banking said: “We strive to deliver the highest standards in our product and service offering but we need to concede that the environment we operate in has changed and the costs associated with operating a bank account have changed as well.
“The introduction of this fee, which has been designed to give customers a choice, will partially cover that cost. It is important to highlight that around 75% of our customers will be exempt from this fee as they already meet one of the exemptions in place. The exemptions were also carefully designed to ensure that the most vulnerable in our society would be exempt.”
More information about this fee, together with Frequently Asked Questions are available on the website. Customers may contact the Bank by emailing [email protected], calling 2380 8218 (Monday to Friday from 08:00 to 16:00), or by calling into one of our branches in Malta or Gozo.
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