Fiji Sun

BSP Bank earned 10 per cent of income from customer fees

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Port Moresby: About 10 per cent of Bank South Pacific’s income in Papua New Guinea comes from the fees it charges customers but these have dropped over the years, chief executive Robin Fleming says.

Mr Fleming said the revenue went back to the upkeep of the bank’s retail branches and electronic network like automated teller machines (ATMs) and Eftpos. He was giving an overview of the reduction of bank fees.

The announceme­nt was made last week.

“BSP is also eliminatin­g its dormant account fee whereby customers have been charged a dormancy fee when they have not used their account for the past 12 months,” Mr Fleming said.

“In conjunctio­n with removing the dormant account fee, Bank South Pacific will also stop charging a reactivati­on fee for customers who commence using their accounts after more than 12 months of inactivity.”

The fee benefit for customers is approximat­ely K920,000 (FJ$583,268) per annum in total.

“Another fee that is being removed is the over-the-counter deposit fee for deposits to a customer’s own account,” he said. “Whenever a customer makes a deposit . . . with their card using an Eftpos device at the teller counter, it will be fee free. “This benefit to our customers will be approximat­ely K3 million per annum.

“If someone deposits money to someone else’s account, the transfer fee will be K3 in lieu of a deposit fee.

“Other fees being eliminated by the bank South Pacific include the statement fee which will be a benefit of K1.2 million per annum for our customers, the personal loan settlement fee at a benefit of K600,000 per annum.

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