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BSP urges clients to do banking through ATMs

BANK South Pacific (BSP), the largest commercial bank in Papua New Guinea, says transactions via electronic channels such as the EFTPOS and ATM (automatic teller machines) are much cheaper than over-the-counter transactions.
Lew Kenah, BSP national customer service manager, explained that their new product “smart banking” to be launched in August was aimed at encouraging customers to fully utilise electronic channels of banking to reduce fees.
He said that with customers going into branches, there were long queues to bear with while the overhead cost in conducting manual transactions such as the wages for the bank staff attending to customers, the stationary used and other overhead capitals would make it more expensive than transacting via electronic channels.
The clarification on the new smart banking product follows concerns raised by BSP customers on the fees charged by the bank on the range of accounts.
Mr Lew explained that fees such as the Kundu card replacement fee will be reduced from K25 to K5 so as to encourage customers to do away with the passbook account.
Garth McIlwain, BSP’s managing director, said that the smart banking product would come into effective once they have installed the remaining 33 new ATMs booths in various remote locations.
The changes in fees will, for instance, have the Kundu card:
lMonthly charge fee reduced from K3 to K2
lWithdrawal per month from EFTPOS (merchant) is free
lATM withdrawals will have two free per month and K0.50 charged thereafter;
lBranch EFTPOS K1 fee imposed; and
lIn-branch paper would be charged K2.