BOV to refund customers with dormant accounts and minimum balance fees

Bank of Valletta to return fees applies to dormant accounts and accounts with balances below €200, following a meeting with the financial services regulator


Bank of Valletta has decided to reverse fees applied thus far to dormant accounts and account balances below €200, following discussions with the regulator.

The bank had already suspended the applications of these fees following feedback from the public and stakeholders, when it became apparent that despite the bank's communication programme between June and December 2020, some customers remained unaware of the introduction of these charges.

BOV had 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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