BOV to refund customers with dormant accounts and minimum balance fees

Last Updated on Wednesday, 10 March, 2021 at 10:25 am by Andre Camilleri

Further to the announcement that Bank of Valletta has suspended the application of fees related to dormant accounts and those applicable to account balances below the minimum threshold of €200, following discussions with the Regulator, the Bank has taken the decision to reverse the fees applied so far since it became apparent that despite the Bank’s communication program over June to December 2020 through various media channels, a number customers remained unaware of the introduction of these charges.

The Bank introduced these fees to partially recover costs of retaining accounts for clients who choose to keep their accounts inactive or with a low balance. The Bank will be pursuing discussions with the Regulator and will be communicating afresh with its customers in this regard.

These fees will be reversed automatically and there is no need for customers to contact their Branch or the Customer Service Centre.

Notwithstanding the above, Bank of Valletta continues to encourage its clients not using their bank accounts to either activate these accounts, close them should they not be needed any more or opt for a basic payment account which is exempt from the application of such charges.

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