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Banks comment on fees

HSBC Bermuda and Clarien both said yesterday they do not charge fees of the type introduced at the start of the year by rival Butterfield Bank.

Butterfield imposed a “statement imaging fee” of $2 a month from the start of this year for making personal account statements available at Butterfield Online.

The bank has also introduced an a 25 cent per transaction charge for online bill payments and an “account monitoring” fee of $8 a month for commercial accounts.

However, information on the three banks' websites show that overall, monthly fees on customers' chequing and savings accounts are broadly comparable (see accompanying table).

An HSBC spokeswoman said: “With respect to HSBC Bermuda's personal accounts, we do not currently apply statement imaging fees, transaction fees for online bill payments or fees when making transfers between HSBC Bermuda accounts.”

She added: “Our pricing is reviewed annually and may be subject to change, with pricing changes generally taking effect on July 1 of each year.

“Clients are advised either via their relationship manager, through in-branch signage and/or on the public website.”

A spokesman for Clarien Bank said: “Clarien Bank does not charge these fees.”

An angry customer on Wednesday protested after Butterfield imposed new fees “by stealth”.

A Butterfield spokesman said that Butterfield had placed prominent notices in banking centres and on its website.

He added: “Butterfield continually reviews and adjusts fees for services based on a variety of factors, including changes for customers' channel usage preferences and associated transaction volumes, as well as changes in the cost of providing services.

“Butterfield is pleased to provide a wide range of secure and convenient financial services to Bermuda residents at prices that are competitive and provide good value.”

Account fees: a focus on three of the charges levied by local banks. Straight comparisons are difficult because of various conditions that apply

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Published February 05, 2016 at 8:00 am (Updated February 04, 2016 at 11:43 pm)

Banks comment on fees

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