FINANCE: Cyprus banks discouraging customers from visiting branches

Banks appear to be discouraging customers from turning up at their branches to conduct their business by introducing more fees and increasing existing ones as they would prefer you to go online.

Clients of banks in Cyprus are now being charged even more for depositing or withdrawing their money at the desk, according to daily Phileleftheros.

Hellenic Bank charges customers EUR 2 for every cash withdrawal under 10,000, while for larger amounts the charge is EUR 5.

BoC charges its clients between EUR 0.05 and EUR 2 for every cheque redeemed.

Hellenic is to introduce a EUR 2 charge for clients wanting to redeem cheques as of 1 January 2020 while Bank of Cyprus has been charging customers EUR 2 since September last year.

Bank of Cyprus also charges clients for depositing coins with 1.5% of the amount deposited, while Hellenic charges 1%.

Following their example, Alpha Bank has also introduced charges at the till as of 5 August. The bank now charges its clients, making more than five deposits a month, with 0.1% (minimum EUR 0.50) for cash deposits made with the assistance of a cashier.

Alpha Bank will now be charging clients who wish to withdraw more than 5,000 (up to 50,000) with a 0.1% charge.

All banks charge clients for bounced cheques with Hellenic and BoC charging EUR 35, and Alpha Bank EUR 40.

Failing to honour a standing order, due to insufficient funds, can cost EUR 4, while reinstating a standing order will set the client back another EUR 5.

Meanwhile, Hellenic has decided to impose a negative interest rate on large deposits, which may roll down to small depositors in the future, if the ECB maintains negative interest rates.