Filenews 17 December 2021 - by Theano Thiopoulou
Changes in the charges of natural, legal persons and international business centre customers (IBUS) have been initiated by the Bank of Cyprus and has begun to inform its customers electronically about what will apply from 15 February 2022.
The maintenance by banks of liquidity for immediate use by their customers has, especially at this time, increased costs. The Bank of Cyprus' move to increase charges is part of the general trend prevailing in the European banking sector to fill the gaps left in banks' revenues by low interest rates. Banks and especially the Bank of Cyprus are making serious investments in technology, so that both private customers and companies are served faster and easier.
Individuals
The main changes for natural persons concern the increase in the costs of running management with a limit of overdraft. The charge per quarter will be €12 from €6 for an amount up to €3,000 and €20 from €10 for an amount up to €10,000. Categories up to €500,000 are added, with a quarterly expense charge of €250 and over €1 million. with expenses of €500.
Savings account management fees are set at €5 per quarter, instead of the zero charge that currently exists, for customers between 26 years of age and 65. The notice account management fee will be €2 per quarter, instead of a zero charge.
Charges for cash withdrawals from the cashier will be charged with 1.5‰, with a minimum charge of €1 and a maximum of €5. However, for customers over 65 years of age, the charge will be 1.5‰, with a minimum amount of €1 and a maximum of €2.
For the immobility of an account, the charge will be €6 per quarter, from €5 to bills with notice, savings and current accounts without limit, which remain immobile for 400 days - 13 months.
For issuing cheque books to a branch, the charge will be €30 from €25 and through 1bank €20 from €16. The deposit and withdrawal of coins will be charged 1.5%, with a minimum charge of €6 / for amounts beyond €35, from the current 1% and a minimum of €5 / for amounts beyond €35.
Legal entities
From February 15, running management fees per quarter with a limit of up to €3,000 will be charged €12, from €6 today. Up to €10,000 becomes €20 from €10 and up to €100,000 will become €75 from €50.
Also, the new category is created up to €500,000 and the expenses will be €250.
The notice account management fees will become €2 per quarter from zero charges today, the transaction account management charge will be €5, from zero charges today.
For cash deposits at the cashiers the charge will be 1‰, with a minimum of €2 / maximum of €10, from zero charges today, the costs of preparing contracts will be €1,000 fixed charge for large companies with a mortgage registration, instead of €750 today.
Cheque deposits at the cashiers €3 per transaction, regardless of the number of cheques. For cheque booklets the charge at the branch will be €30 from €25 and through 1bank at €20 from €16.
What will continue to be offered free of charge
Without management fees remain the savings accounts for people under 26 years of age and over 65 years of age, the use of digital channels, the use of ATMs, withdrawals up to €2,000, cash deposits up to 200 banknotes, deposits up to 30 cheques.
Free of charge will be all the new self service machines that can be used mainly by companies for fast deposits of cash, cheques and coins, the transfer of money via QuickPay €150 per day and up to €50,000 when there is DigiPass.
Free remittances up to €1,000 from 1Bank within Cyprus and SEPA zone (EU) to all banks (SEPA up to €1,000 from 1VANK free of charge). Access to 6 stores with extended opening hours until 10:00 p.m. (Makariou and Stavros Nicosia, Linopetra and Pentadromos in Limassol, in the central in Larnaca and in the Agios Napas store) where the customer - holder of any TK card can use all self-service machines.
