Bank customers revolt at plans to charge for teller services

Bank customers revolt at plans to charge for teller services

Complaints have reached Bermuda Broadcasting News that Clarien Bank customers will be faced with increased fees come March 31st.

A spokesperson says the fee adjustments reflect the cost of service provision as they refine their business model in a rapidly evolving digital banking environment.

Clarien Bank customers will be charged $5 for cash withdrawals through a teller at local branches.

There was a concern that seniors accustomed to doing their banking in-person would be burdened by such a fee over a long period of time however, a spokesperson confirmed that the fee has been waived for seniors, iron kids youth account holders and registered charities.

The bank has provided a 3 month grace period for its customers to adjust with the withdrawal fee coming into effect June 30th.

Other service fees waived for seniors and registered charities include in-branch draft orders and fax costing $80, paper statements costing $6 for other users and cheque processing now priced at $3.

A Clarien Bank spokesperson says, Fees have been adjusted or introduced based on a number of factors including the cost of the service, risks and regulation associated with the service and the alternative channels available to receive the same service in a more efficient, free and convenient manner.

For all other customers, savings Monthly Maintenance Fee $3 and Compliance Fee costs $2

Equally, they add we have recently adjusted deposit rates to offer premium rates on longer term CDs to support the savings and financial growth goals of the broader community.

Bermuda Tonight’s Jasmine Patterson filed this report.