BANK South Pacific (BSP) bank has planned for further fee reductions this month which include the cash handling fee threshold increasing, and the Kundu Package monthly fee reducing to K8.50 from K9.50.
During the bank’s announcement of its 2021 full year results on Tuesday 01st, Chief Executive Officer Robin Fleming said further changes to its fees would result in a lower cost of banking for many of BSP’s customers.
Fleming in a statement also said: BSP will reduce the monthly fee on its all in one BSP Kundu Package Account customers who will enjoy a reduction on their monthly account service fee by K1, from K9.50 to K8.50.
The Kundu Package Account is a packaged account designed for customers who do multiple transactions per month and would prefer to pay one monthly fee for these services.
This reduction on its monthly maintenance fee means that BSP’s 65,000 Kundu Package Account customers will now pay a lower monthly fee for unlimited transactions conducted in branch and on EFTPOS with merchants and BSP ATMs in PNG.
BSP is also removing the K20 Cash Handling Fee charged to customers for deposits made in branches above K10, 000 whilst lowering the cost of its Cash Handling Fee by increasing its Cash Handling Fee threshold for cash withdrawals from K5, 000 to K10, 000 for transactions made in Branches.
This means BSP customers will not be charged for deposits made over the counter at BSP branches.
Similarly, only customers withdrawing cash of K10, 000 or more over the counter will be charged 2% of the amount withdrawn with any withdrawals below K10, 000 now not subject to a fee.