Clients of banks in Cyprus are now being charged even more for depositing or withdrawing their money at the desk, according to the press.

Hellenic Bank charges customers €2 for every cash withdrawal under €10,000, while for larger amounts the charge is €5.

BoC charges its clients between €0.05 and €2 for every cheque redeemed.

Hellenic is to introduce a €2 charge for clients wanting to redeem cheques as of 1 January 2020 while Bank of Cyprus has been charging customers €2 since September last year.

Bank of Cyprus also charges clients for depositing coins with 1.5% of the amount deposited, while Hellenic charges 1%.

Following their example, Alpha Bank has also introduced charges at the till as of 5 August. The bank now charges its clients, making more than five deposits a month, with 0.1% (minimum €0.50) for cash deposits made with the assistance of a cashier.

Alpha Bank will now be charging clients who wish to withdraw more than €5,000 (up to €50,000) with a 0.1% charge.

All banks charge clients for bounced cheques with Hellenic and BoC charging €35, and Alpha Bank €40.

Failing to honour a standing order, due to insufficient funds, can cost €4, while reinstating a standing order will set the client back another €5.

Meanwhile, Hellenic has decided to impose a negative interest rate on large deposits, which may roll down to small depositors in the future, if the ECB maintains negative interest rates.

Source: Financial Mirror