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Get ready to pay more for fees, charges at HSBC Bermuda

HSBC Bermuda plans to hike banking fees and charges more than 50 percent in some cases.

Personal chequing account monthly maintenance fees are set to increase 60 percent from $5 to $8 a month (but not for seniors, HSBC Advance and Premier customers).

Only last May the bank had raised the chequing account fee from $3 to $5.

Withdrawing cash from a non-HSBC ATM will also cost significantly more, with the fee set to go up to $3.50 from $2.50.

By comparison Butterfield already charges $3.50 for withdrawals made at non-Butterfield Bank MasterCard/Cirrus ATMs, while Capital G charges $2.50.

Debit and credit card annual fees are going to go up seven to 16 percent; BermudaCard/MasterCard from $30 to $35; MasterCard from $40 to $45, Visa Classic from $40 to $45 and Visa Gold from $70 to $75.

The fee for cheque cashing for non-HSBC customers will increase 50 percent from $20 to $30; That fee in 2009 was increased from no charge to the current $20.

And customers will pay a new one percent negotiation fee for a personal line of credit.

The bank has advised customers its fees and charges go up as of July 1.

Asked about the reason for the increases, an HSBC Bermuda spokesperson stated: “On July 1, 2013, HSBC Bermuda will be changing some of our fees which will affect Personal, Commercial and Global Banking customers.

“We considered several factors before deciding on any banking fee adjustments and continually assess whether the fees we charge cover the costs of providing our banking products and transactions.

“Overall we are confident that our pricing is competitive and represents fair value for the service we provide to our clients.”

Among other increases to take effect then are:

l Cheque processing will increase from $1.50 to $1.75 a cheque (new fee does apply to seniors);

l Unauthorised overdraft will increase from $30 to $35;

l Credit card late payment and over limit fees will increase from $35 to $40;

l The fee for foreign cheques sent for collection will go up 100 percent from $10 to $20.

By comparison, Butterfield’s chequing account monthly maintenance fee is $5.

Further details of the HSBC changes are available on the www.hsbc.bm website, or customers can stop by any of HSBC’s branches for a copy of the 2013 Fee and Charges Comparison Guide.

Fees going up: HSBC Bermuda says that among other increases, personal chequing account monthly maintenance fees are set to increase 60 percent from $5 to $8 a month.

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Published May 28, 2013 at 11:24 am (Updated May 28, 2013 at 11:23 am)

Get ready to pay more for fees, charges at HSBC Bermuda

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