Robert Pace Bonello, Sliema
Higher bank charge sprung upon customer
Early in 2008, I issued instructions to my bank, Bank of Valletta, to issue a monthly standing order and to debit my current account accordingly. The agreed monthly charge for this service was €3.49.
On checking the latest statement for the period September 4, 2009 to December 28, 2009, I noticed that the charge was reduced to €1.16 for October and November but raised to €10.00 for the subsequent months. Upon checking at the branch I was informed that this was, now, the correct charge for this type of transaction.
I have since cancelled the standing order in view of the excessive charges and wrote to the branch manager asking whether the bank had advised me about the almost 200 per cent increase. More than a month has passed and I am still waiting for a response to this, as well as other issues raised in the same letter.
Surely the client has a right to know when fees are raised and that automatically debiting a client's account without authorisation is, at the very least, unethical.
Readers would be well advised to read their statements well and check if their various bank fees have increased without prior notification.
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Peter Murray
Mar 22nd 2010, 23:29
Dear Maria,
This 24x7 service is free of charge?
Peter Murray
Mar 22nd 2010, 20:59
Dear Maria, Aren't you already paying for this service which costs you further money to operate and does the banks work for them at a cost -but only to you and all other subscribers?.I know of no other counrtry in the world other than Malta which charges clients to operate an online account and furthermore,where the saving account interest rates for an online account offers such paltry and derisory returns.Just compare a HSBC (the world's purported local bank!)online account conditions and terms between here and the UK for just one inequitable example for an unpleasant wake-up call.
Peter Murray
Mar 22nd 2010, 15:44
Dear Robert,
You are quite correct to assume that any increase in charges must be prior advised to clients and never more so germane than when these new ,read increased,tariffs impact upon currently in place and existing services.Furthermore,such charges must be justified and rationalised.However,I thought that was in the remit to address, monitor and scrutinize and the principal raison etre for the existence of the MFSA or am I being merely subjunctive ?My advice-complain to both.
Maria Vella
Mar 22nd 2010, 14:34
Use the 24X7 service. You are in command of all your bills from the comfort of your home any time any day. You do not want to pay for a service, do the thing yourself Simples!