Fleming clarifies BSP fees

By GYNNIE KERO
BANK South Pacific (BSP) has reduced and removed a number of its fees and charges over the past six years, chief executive officer Robin Fleming, pictured,says.
These include eliminating the cheque processing fee of K2.50 in 2015, eliminating the annual visa debit card fee of K100 in 2017, waiving dormant account fees in 2018, eliminating statement mailing fees in 2018, reducing commissions charged to Eftpos merchants in this year and eliminating branch deposit fees for Kundu standard account customers in February.
“On a cumulative basis, these reductions have seen our customers benefit by almost K50 million per annum,” Fleming said.
He said the intention was to make banking services and products more affordable.
Fleming comments come amidst a lot of commentary in social media recently relating to bank fees charged by BSP.
“Much of this information is incorrect or outdated. BSP has two main products for our retail customers,” he said.
“These are our Kundu package account where a monthly fee is charged and all branch transactions and the majority of electronic banking transactions are free, and our Kundu standard account which charges per transaction with no monthly fee. The monthly fee for the Kundu package account is K9.50 and this compares to other banks who charge monthly fees of between K10 and K20 per month.
“Bank South Pacific is also the only bank that does not charge a dormant account fee with every other bank charging a fee of between K4 to K10 per month if the account holder had not used their account for a pre-determined period of time.
“Every transaction carried out by a Kundu package customer is fee free other than a mobile top up and Esi Pei top up by mobile banking which attract a 50 toea charge and an airline ticket payment by mobile banking which is K2.50.
“There is no fee charged for our Kundu packaged account customers for any teller service unlike some of the other banks. Our Kundu standard account has no monthly fee, no fee to deposit to your account with a teller, no dormant fee, 50 toea for mobile banking transactions, 25 toea for an Eftpos transaction, K2.50 for an airline ticket payment by mobile banking and K4 for a withdrawal with a teller.
“A withdrawal at a BSP ATM is only 50 toea, however, and that should be the preferred method of taking cash out rather than going to a branch teller.
“Fees do get charged when another bank ATM is used.
“Unlike other banks BSP does not require a minimum balance to be maintained in the Kundu accounts and we do not charge dormant account fees.
“No one should be charged for not using their bank account. In the majority of instances BSP’s fees for our retail customers are the lowest in PNG.
“Bank South Pacific also offers fee free savings products for all customers such as our Plus Saver, Kids account and Sumatin account, which also attract higher interest rates than any similar product offered by other banks.
“In the majority of instances BSP’s bank fees for retail customers are the lowest in the marketplace and of course, we are the only bank operating in every one of the 22 provinces as well as in many districts.
“Only eight provinces are served by other banks in PNG, and of course BSP maintains over 300 ATM’s all across PNG and supports over 8,000 merchant terminals.”