Bank of Valletta said on Friday it will be suspending fees related to dormant accounts and minimum balances, pending ongoing discussions with the Malta Financial Services Authority.

The bank said that some customers "may have not received its advance notification in relation to these charges" and said it was taking "appropriate measures" to rectify the situation.

BOV introduced the fees in September, saying it was doing so to recover partial costs of retaining accounts for clients who chose to keep their accounts inactive or with a low balance.

The fees amount to a €35 yearly fee for accounts that have registered no activity for at least two years and a €10 charge per quarter for customers whose combined account balances amount to under €200. 

Certain categories of customers were excluded from such fees.

BOV said that it would continue to encourage clients not using their bank accounts to close them or opt for a basic payment account, which is exempted from such charges.

In February, HSBC moved ahead with revised plans to charge a €5 monthly fee set to impact around one in every four customers.

It first announced the fee in January but temporarily froze those plans following a public outcry and a request by the Central Bank and MFSA to reconsider

When HSBC first announced the fee, a BOV spokesperson told Times of Malta that the bank had no plans to follow suit. 

Independent journalism costs money. Support Times of Malta for the price of a coffee.

Support Us