Panayiotis Rougalas
Bank of Cyprus will be imposing new and increased fees by February 2022, adopting the general trend of the European banking sector of increasing bank charges to cover a reduction of income stemming from low interest rates.
Letters and SMS messages are now being sent to BOC customers informing them about the new charges that will be adopted by the Bank. Another key strategy to be adopted will be to improve operating efficiency by achieving leaner operations through digitization and automation.
According to the changes in account management fees, it is worth noting that savings accounts for people under 26 and over 65 remain without management fees.
Which transactions are excluded from new charges?
• Free use of Digital Channels. Customer assistance in branches for the use of ATM machines as well as for the creation and use of 1BANK.
• Free use of ATMs. Withdrawals up to € 2,000. Cash deposits up to 200 banknotes. Deposits up to 30 checks.
• Free of charge all the new self-service machines that can be used mainly by companies for fast deposits of cash, checks and coins.
• Free transfer of money via QuickPay € 150 per day and up to € 50,000 when there is a DigiPass.
• Free transfers up to € 1,000 from 1Bank within Cyprus and SEPA zone (EU) to all banks (SEPA Up to € 1,000 from 1BANK free of charge)
• Access to 6 branches with extended opening hours until 10:00 pm (Makariou and Stavrou Nicosia, Linopetra and Pentadromos in Limassol, Central in Larnaca and the branch in Agia Napa) where the customer - holder of any BOC card - can use all self-service machines free of charge.
