BSP lowering banking fees

THE Bank South Pacific Financial Group Ltd (BSP) says its customers may expect lower cost of banking following further changes to fees.
It includes a reduction in the Kundu package account monthly fee for its personal account customers, changes to cash handling fees on withdrawals, and the removal of cash handling fees on deposits effective March 1.
BSP Group chief executive officer Robin Fleming said the monthly fee for BSP Kundu Package Account customers would be reduced by K1 – from K9.50 to K8.50.
The kundu package account is designed for customers who do multiple transactions per month and would prefer to pay one monthly fee for these services.
“The bank has made decisions in not passing on any increased costs to customers and BSP has made every effort to reduce fees and ensure customers are provided with a cost-effective solution that suits them,” Fleming said.
“The reduction of fees is a significant benefit to BSP customers and gives them improved and affordable access to banking services – particularly for personal account customers when conducting transactions in BSP branches.
“BSP has not increased its fees since 2014 and has in fact reduced and/or removed many of its fees over that period, foregoing in excess of K60m in fees annually as result of its fee-reduction initiatives.”
The reduction in its monthly maintenance fee means that BSP’s 65,000 kundu customers will now pay a lower monthly fee for unlimited transactions conducted in any branch and on Eftpos with merchants and BSP ATMs.
BSP is also removing the K20 cash handling fee charged on deposits made in branches above K10,000.
It will lower the cost of its cash handling fee by increasing its cash handling fee threshold for cash withdrawals from K5,000 to K10,000 for transactions made in branches.
Customers will not be charged for deposits made over the counter at BSP branches.
Similarly, only customers withdrawing K10,000 cash or more over the counter will be charged 2 per cent of the amount withdrawn.
Any withdrawals below K10,000 will not be subject to any fee.