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BSP Reduces Kundu Package Account Fees and Cash Handling Fees on Withdrawals, and removal of cash handling fee for Deposits

Wednesday, February 23, 2022

BSP Financial Group Limited (BSP) has today announced further changes to its fees, which will result in a lower cost of banking for many of BSP’s customers. These include a reduction in the Kundu Package Account monthly fee for its personal account customers, changes to Cash Handling Fees on withdrawals and removal of cash handling fees on deposits effective as of 1st March, 2022.

BSP Group CEO Robin Fleming when announcing this 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 Similarly, only customers withdrawing cash of K10, 000 or more over the counter will be charged 2% of the amount withdrawn with any withdrawals below K10, 000 now not subject to a fee.

Customer doing banking over the counter at BSP Alotau branch.

“The bank has made conscious decisions in not passing on any increased costs to customers and BSP has made every effort to reduce fees and ensure customers are provided with a cost-effective solution that suits them,” said Mr Fleming. “The reduction of fees is a significant benefit to BSP customers and gives them improved and affordable access to banking services – particularly for personal account customers when conducting transactions in BSP branches” said Fleming.

The bank chief also emphasised; “BSP has not increased its fees since 2014 and has in fact reduced and/or removed many of its fees over that period, foregoing in excess of K60m in fees annually as result of its fee-reduction initiatives.”

While BSP continues to reduce its fees on products and services for transactions over the counter, it encourages customers to embrace the BSP digital banking channels such as Mobile Banking (*131#) and Internet Banking for safer, more convenient, and cost effective banking options.