Butterfield Bank has imposed a monthly $1 fee on its savings account holders.The change, which became effective last Friday, has caused at least one customer to ditch Bermuda’s first bank and head to the competition.And it means that a minimum balance of $24,000 is needed to break even on a Butterfield savings account.Customer Matthew Viney contacted this newspaper to say that he was infuriated that the bank did not directly notify its customers.The bank insists that it acted within its stated terms and conditions and a month’s advance notice was appropriately given.The unprecedented fee was placed on the bank’s savings account rates and fees schedule on their website.“I do not appreciate their sneakiness, giving no notice for the record they have both my work and personal e-mail addresses on file. There was no notice on the [Butterfield e-banking site] which shows news. That did not even mention it,” Mr Viney told The Royal Gazette by e-mail.“I am writing in the hope that you, with your wider reach could hopefully post a brief story so that at least the Butterfield customers will not be taken by surprise. I am switching banks tomorrow but at least people will know about the fee.”Mr Viney added: “The information IS in the public domain but unless one happens to look at their rates and fees sheet for savings accounts they would be unaware.“Very inappropriate behaviour from a bank that is supposed to operating in good faith.”He added: “Unless someone has at least $24,000 In their account they would be losing money keeping it in that account.“Banks generally offer interest as an incentive to let them use a customer’s money but in effect if you have less than $24,000 0.05 percent of $24,000 is $12, or $1 per month in the account you are paying them to borrow your money.”A Butterfield spokesperson said: “The bank periodically makes adjustments to rates and fees and notifies customers of those changes as outlined in our terms and conditions document, which is available on our website.“In this case, we provided one month’s advance notice via our schedule of charges, on our website and via in-branch signage. Although rates and fees may vary slightly between account types and between financial institutions, Butterfield is proud to offer our customers competitive rates and superior service.”Mr Viney was unimpressed. He said that the bank clearly made “no legitimate effort” to contact customers or to make sure they were aware.“In essence when one deposits money into a bank that is, essentially, a loan to the bank. In essence they are charging customers for lending the bank money.“However, my main issue is not with the actual charge itself, because as it is their business they can choose their own business plan.“The main problem I have was the approach. No effort was really made towards informing customers. They did have it listed under the schedule of charges but, in reality how many people really go on every month and study that?“I did not see any advert in any newspaper nor did I see any notice upon logging into my Butterfield-online account. I have talked with several people none of whom seemed to know about this change.”