BANK South Pacific Financial Group Ltd (BSP) is reducing its fees on Small Medium Enterprise (SME) products, Kundu Standard and Plus Saver accounts for retail customers. BSP chief executive officer Robin Fleming said the reduction of fees, starting today, would benefit more than 11,000 BSP SME Deposit Account customers who would see huge fee reductions. “The accounts are the SME Package Account and SME Current Account,” he said. “Our SME Package customers will enjoy a reduction on their monthly account service fees by K7, from K15 to K8.
“They will see a reduction in the fees for an in Branch EFTPoS (Electronic funds transfer at point of sale) withdrawal fee from K4 to K2 and branch withdrawal fee will be reduced from K3 to K2,” Fleming said. He said for the SME Current Account customers, the monthly account service fee of K10 would be reduced to K8, in branch Eftpos withdrawals from K4 to K2 and branch withdrawal fee reduced from K3 to K2. “The branch deposit fee of K2 will be removed for both SME Accounts. “BSP Personal Account customers will also enjoy a reduction of fees; branch withdrawal fee on the BSP Kundu Standard account from K4 to K2 while internet banking transfer and paying other BSP accounts is now free for the Plus Saver Account. “All these will be effective as tomorrow (today).” A detailed list of BSP’s fees and charges is on the BSP website. These changes come after a reduction in the kundu package account monthly fee for BSP personal account customers, changes to cash handling fees on withdrawals and removal of cash handling fees on deposits that came into effect on March 1. “The reduction of these fees does not mean BSP will be increasing fees in other products/services. “In fact, BSP has not increased its fees since 2014 and we continue to reduce and/or remove many of its fees over that period, foregoing in excess of K90 million in fees annually as a result of its fee-reduction initiatives.” He said despite the Government introducing the additional company tax under which BSP would now be taxed an additional K190 million every year, that was now in effect, BSP recognised the importance of providing its customers with cost effective services to the important retail sector which no other bank was willing to provide with the scale and coverage of BSP.
The National /Pacific Business News