BSP will cut its fee – if you swipe

The National Business

By CLARISSA MOI
Making deposits using BSP Kundu standard account at a teller are free if you use your card to swipe the terminal at the teller station, according to chief executive Robin Fleming.
He said the fee was K3 if a customer did not use their card to make a deposit.
“The deposit using your card was reduced to fee-free recently as an incentive to customers to move away from paper-based transactions and to make the deposit process more efficient and quicker,” Fleming said.
He was responding to questions regarding fees deducted when making deposits.
“BSP has two main transaction accounts – Kundu Package and Kundu Standard,” Fleming said
“With the Kundu Package there is a monthly fee of K9.50 but no fee for deposits or withdrawals either at branches or using ATMs.
“A number of other transaction types are also fee free.”
He said BSP had recently migrated a number of customers that had a legacy Kundu Saver account to the Kundu Standard account.
“Those customers who have migrated will no longer be charged the K3 monthly maintenance fee,” Fleming said.
“They will pay less in bank fees in the Kundu Standard than they did with the Kundu Saver.”
Fleming said the situation with deposits now was:

  • If you have a Kundu Package account, there is no deposit fee;
  • if you have a Kundu Standard account and make a cash deposit at a teller by swiping your card, there is no fee;
  • if you deposit at a teller but do not swipe your card, you are charged a K3 fee;
  • if another person makes a deposit to your account at a teller, a K3 transfer fee will be charged; and,
  • If you deposit into your own account using a card and then transfer the money to a third party via mobile banking, there is no fee.