|
Business |
BSP explains K20 minimum ATM
balance
By BIBIAN BARRENG
BANK South Pacific’s new smart
banking service was launched last Tuesday following the completion
of systems’ tests and the installation of two more automatic
teller machines (ATMs).
However, since the new service came into effect, some customers
had raised concern over the K20-minimum balance being imposed by
the bank.
Lew Kenah, BSP national customer service manager, clarified that
the K20 was to cover end-of-month service charges and Government
debit tax payments.
“Every month the bank experiences tens of thousands of accounts
that go overdrawn due to monthly service charges and Government
debit tax payments … often we end up closing many of these
accounts if they remain overdrawn and inoperative for any period
of time,” Mr Kenah explained.
He said with the K20 minimum balance such was not likely to occur
while the account could be kept open up to 10 months with a Kundu
account.
“We haven’t stolen the customers’ money … we have simply enforced
through our computer system that K20 must remain in the account at
all times.
“Of course, when customers do eventually close their accounts they
would receive the K20 that has been on hold,” Mr Kenah said.
He said BSP was unable to send mail to each customer to inform
them of this effect as there was a huge customer base and not all
customer addresses were accurate.
Mr Kenah also said that for the last four months, the bank’s
customer service team had gone out to educate customers on smarter
ways to do their banking and what the minimum balance will mean
for them.
 
|
