Friday, October 29, 2010

BSP hikes service fees, introduces new ones



BANK South Pacific customers are to pay new and additional fees for kundu saver account, smart saver account, personal cheque account and ordinary business cheque account, The National reports.

BPS, in an unofficial circulation of the notice of fees to be effective on Monday, will see customers pay extra and new fees for previously free services.

The notice said for kundu savings account, K3 monthly fee would be charged for dormant accounts, teller service fee for deposit and teller service fee for EFTPos, while K4 would be charged for every withdrawal.

For the automatic teller machine (ATM) services, 50 toea will be charged for ATM balance enquiry; 75 toea for ATM withdrawal, ATM phone top up and ATM funds transfer-withdraw.

The bank will also charge K15 for ATM withdrawal using visa card and K1.50 for ATM balance enquiry for visa card.

Fees for other services with kundu account range between 50 toea and K3.

For smart saver account, the monthly and dormancy fees are K2, while teller service-deposits is K3; deposit-withdrawal is K4.

Other services range from 60 toea, with K50 as the highest penalty fee for early withdrawal outside December and January in any year.

Asked for reasons behind the new fees, the BSP management in an email said: “As part of BSP’s commitment to improve and enhance the quality and quantity of banking services to the majority of Papua New Guineans and recover the true costs of providing banking services, it will increase its fees effective  on Monday, Nov 1, 2010.

“BSP advises that all branch staff and branch managers throughout its 36 branch network will be more than happy to provide information on the increase and also advise customers on how to reduce the costs of banking through products and channels available such as SMS banking, ATM and EFTPOS.  

“BSP remains committed to enhancing the quality and quantity of banking services nationwide.”



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