BOV Triples Administration Fee For Businesses To €30 A Month Due To ‘Higher Due Diligence Costs’
Bank of Valletta has informed businesses that it will triple its monthly administration fee from €10 to €30, effective as of 21st February 2023.
“The revision in the fee reflects the added costs and resources deployed to ensure the carrying out of due diligence and monitoring to the required standards in line with regulatory demands and supervisory expectations,” BOV said in a letter to business clients.
It added that €30 will be debited from their operating accounts on a monthly basis, and that if the available balance is insufficient, the bank reserves the right to collect the fee any other operating accounts held by the entity.
The Chamber of SMEs criticised the bank for making this announcement one week before Christmas, calling out BOV for “closing the year with a humbug”.
“Just a week before Christmas we are flooded with calls, emails and messages from SMEs who are angered and feel abused by BOV’s recent announcement of yet another fee increase,” the Chamber said.
“2022 shall surely be marked as the year of BOV fees imposed by the dominant player in the market. Where are the regulators?”
The Chamber shared a few messages it received from business owners, including one who lambasted the administration fee spike as “daylight robbery”.
“Unfortunately the attached letter which I have just received from BOV makes me think and I’m confused at the way BOV is treating us,” a business owner wrote. “Even though we are just a micro company, the bank has just decided to increase the monthly administration fees. By 200%… what is happening here?”
“Is this the way forward for 2023 with BOV? This is threatening for a micro-company like us, [who must] either shift to another bank, if there is a choice, or suffer. Is this the vision for the future of BOV? Shall we keep on investing in this bank or do we need to accept the fact, take it or leave it?”
What do you think of the bank’s decision?
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