HSBC facade

The Central Bank of Malta (CBM), together with the Malta Financial Services Authority (MFSA), have launched discussions with HSBC Bank Malta plc and are urging it to “reconsider its position” on charging a €5 monthly fee to customers.

In reaction to the announcement of a monthly fee on Thursday, the Consumers Association raised concerns on the impact of low-income earners and pensioners.

HSBC is planning on introducing the fee as of this coming April. The bank said the fee will not be charged to customers who deposit at least €2,300 over three months into any of their accounts.

For its customers ages 61 or over, they will have to deposit at least €1,250 to avoid the fee.

Some, including minors, students, and those who receive disability, medical sickness, or unemployment government assistance benefits are exempt. 

The Consumers’ Association has raised concerns that this is the first step for local banks to start charging for services, as is done by banks overseas.

In comments to the Times of Malta, both Bank of Valletta and APS said they had no similar plans in the works.

In a CBM statement on Friday, it said:

“The authorities have asked HSBC to reconsider its position. In the meantime, HSBC has agreed to temporarily suspend the customer contact programme in view of these on-going discussions.”

Last October, HSBC announced the closure of eight branches, and that it would be turning its Qormi location into a flagship branch.


Tax document IRD

Top 5% of taxpayers responsible for one-third of all income tax paid in Malta

March 12, 2024
by Robert Fenech

On the other hand, the bottom third of income earners pay just 1.7% of all income tax generated

The Malta Institute of Accountants prepares for its 2024 Anti-Money Laundering Conference

March 8, 2024
by BN Writer

Held at the Radisson Blu, St Julians, this latest AML Conference promises to bring exclusive insights on new procedures

Eurozone interest rates to remain unchanged

March 7, 2024
by Robert Fenech

The European Central Bank noted that price pressures remain persistent