Bank charge is a backward step

For some years I have been a regular user of the 24x7 internet banking offered by Bank of Valletta. In the wake of the excellent profits declared by the bank, I would have expected that customer service and especially matters relating to bank charges,...

For some years I have been a regular user of the 24x7 internet banking offered by Bank of Valletta. In the wake of the excellent profits declared by the bank, I would have expected that customer service and especially matters relating to bank charges, would have improved.

This is not the case, since I suddenly became aware of a new charge of €4 per local bank transfer/transaction. On average I carry out about five such transactions a month and this now equates to €240 or over Lm100 per annum. It would be interesting to know - in the bank's budgeting - how many more millions of euros it stands to reap from us puny customers. I thank Geoffrey Bezzina of the MFSA who very kindly explained the intricacies of the SEPA, which apparently obliges (my words) the banks to charge the €4 irrespective of whether the transaction is a local one or inter-EU country.

I am quite sure that the bank can do better than that. I for sure will revert to issuing a cheque (until I presume they will be banned or charged for) spending 19c plus envelope per payment. But is it the way forward?

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