Outrage was sparked as Bank of Valletta announced that businesses that hold accounts with the bank will have to pay three times as much in administration fees as of next February.
A letter was sent out by the bank to its business clients this week announcing that the administration fee will go up to €30 from €10 due to added costs related to checks and balances.
The bank levies the fee on all non-personal customers, which means that a small business must pay €360 a year to maintain its account with the bank.
The move mirrors a similar one undertaken by rival HSBC which increased monthly fees for business clients back in 2019.
The move was slammed by the Malta Chamber of SMEs. ‘Quite a way for BOV to share its festive greetings for Christmas! 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 of SMEs said in a post. ‘2022 shall surely be marked as the year of BOV fees imposed by the dominant player in the market. Where are the REGULATORS??’
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