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BSP responds to fees being circulated on Social Media

Thursday, September 2, 2021

BSP Financial Group Limited (BSP) is aware of the unattributed comments about its Fees and Charges being circulated on Social Media which are either wrong, not charged by BSP, have been reduced and/or were eliminated some years ago.

Group CEO Robin Fleming said the fees that are currently being circulated in social media are outdated fees and in certain instances quote fees that have never been charged by BSP.

“In most cases BSP’s fees are lower and we do not charge fees that other banks charge such as dormant fees of up to K10 per month. BSP does not charge a cash handling fee for every cash transaction or any K7 cheque deposit fee with the cheque deposit fee eliminated in 2015.

He explained that BSP’s Kundu Packaged Account is a packaged account designed for customers who use all BSP banking services regularly with a monthly fee of K9.50 and no in branch or electronic banking fees other than top ups applied. BSP’s Kundu Standard Account has no monthly fee. Fees on the Kundu Standard product are only charged per transaction with the Kundu Standard product more suited to infrequent users of bank accounts.

“We do not charge any monthly fee for a Kundu Standard Account and the monthly fee which includes free transactions for the Kundu Packaged Account is K9.50 but all in branch transactions are free as are a number of other electronic transactions,” Mr Fleming said.

“We do not impose a fee of K1.50 on Mobile Banking. ‘Transferring Funds’ via Mobile Banking between one’s own account is free for both our Kundu Standard and Package Accounts including the ‘Transfer to Third Party’ on the Kundu Package Account. A fee of K0.25t applies for Easipay Top-up on the Kundu Standard Account,” he further added.

BSP also offers fee-free Accounts with competitive Interest Rates such as the Plus Saver Account, the Kids Savings Account and Sumatin Account.

Mr Fleming said BSP has not increased its fees since 2014 and has in fact reduced many of its fees over that time adding the bank has foregone in excess of K50m in fees annually as result of its fee-reduction initiatives.

“The bank has made a conscious decision not to pass on any increased costs to customers and we have made every effort to reduce fees and ensure customers are provided with a cost-effective product that suits them,” emphasised Mr Fleming.

BSP has in the past published fees and charges in comparisons against other banks to provide a factual transparent avenue for customers’ information. “And we will continue to do that to keep our customers and the public fully informed so they can choose suitable accounts and services to suit their needs,” concluded Mr Fleming.

BSP’s current Fees and Charges are transparent and available to all customers on our website.