Capital G to raise fees beginning next month
Capital G is raising fees next month to bring its pricing in line with the Island’s other banks.
But the bank stressed that it still imposes fewer fees on its customers “most of which are lower” than competitors including HSBC Bermuda and Butterfield.
“By banking with Capital G, you have the advantage of fewer fees and primarily lower rates, while continuing to access a comprehensive portfolio of financial services and solutions,” Capital G said in a statement posted online.
Capital G said it’s increasing fees because: “After a comprehensive review of Capital G’s fee structure, changes have been made to the fee schedule to bring our pricing structure in alignment with local competitors and industry best practice.”
The new fees take effect on July 1.
They include a monthly $1 fee for quarterly paper statements, $2-a-month maintenance fee for chequing and savings accounts (the fee is waived for balances of $100 or more on retail savings accounts); $15 fee for cheque cashing for non Capital G customers; $1.50 cheque processing fee (cheques less than $15 will not be processed).
There will also be a Credit Card overlimit fee of $35.
Fees increasing include: The research fee goes up from $25 to $50; the wire request fee rises from $60 to $7⅝$80; stop payment fees go from $10 to $20; and dormant account fee increase from $5 to $6.
The Dormant Account fee will be $6 after one year of inactivity.
Some of the fees do not apply to seniors, registered charities and Iron Kids accounts.
Capital G also stated that ATM Fees incurred from ATM usage conducted outside of Bermuda will no longer qualify for fee reimbursement. And it said USD cheques will be placed on a 14 business day hold.