BSP rubbishes fees circulated on social media

THE BSP Financial Group Ltd (BSP) has not increased its fees since 2014 and has in fact reduced many of its fees over that time, says chief executive officer Robin Fleming.
He said the bank had foregone in excess of K50 million in fees annually as result of its fee-reduction initiatives.
Fleming said fees being circulated on social media were outdated and in certain instances, were never charged by BSP.
“In most cases, BSP fees are lower and we do not charge fees such as the dormant fees of up to K10 per month,” he said.
“BSP does not charge a cash handling fee for every cash transaction or a K7 cheque deposit fee. The cheque deposit fee eliminated in 2015.”
He said the bank’s Kundu Packaged Account was designed for customers who used all BSP banking services regularly with a monthly fee of K9.50.
There are no in-branch or electronic banking fees other than top-ups applied.
BSP’s Kundu Standard Account also has no monthly fees.
Fees on the Kundu Standard product are only charged per transaction with the Kundu Standard product more suited to infrequent users of bank accounts.
He said BSP also offered fee-free accounts with competitive interest rates such as the Plus Saver Account, the Kids Savings Account and Sumatin Account.
“The bank has made a conscious decision not to pass on any increased costs to customers and we have made every effort to reduce fees and ensure customers are provided with a cost-effective product that suits them,” he said.
“BSP has in the past published fees and charges to provide a factual transparent avenue for customers’ information.
“And we will continue to do that to keep our customers and the public fully informed so they can choose suitable accounts and services to suit their needs.”