Business

HSBC Bermuda hiking fees

  • HSBC Bermuda has announced a range of fee increases for services, effective from July 1 (File photograph)

A 200 per cent increase in the monthly maintenance fee for statement savings accounts, is among a range of fee increases announced by HSBC Bank Bermuda Ltd.

The new fees are effective from July 1, and affect savings accounts, local and overseas payments, cheque cashing for non-HSBC customers, credit card annual fees and late payments, and annual rental fees for safe deposit boxes.

The increases, announced in an e-mail to customers, are:

• monthly maintenance fee for statement savings accounts rise from $1 to $3;

• cashier’s cheques for local payments ordered manually from $75 to $100, a 33 per cent increase;

• drafts for overseas payments ordered manually from $100 to $125, a 25 per cent rise;

• outgoing wires for overseas payments ordered manually on bank stationery from $100 to $125;

• cheque cashing fee for non-HSBC customers from $30 to $35;

• BermudaCard with MasterCard annual fee from $35 to $60, a 71 per cent increase;

• HSBC Advance MasterCard annual fee from $50 to $75, a 50 per cent increase;

• Visa Classic annual fee from $60 to $85, a 41 per cent rise;

• Visa Gold annual fee from $75 to $100, a 33 per cent increase;

• Credit card late payment from $40 to $50;

Safe deposit box annual rental fees have also increased as follows: box type 1, $41.25 to $53.50; type 2, $62 to $80.50; types 3 and 4, $103 to $134; type 5, $196 to $255; types 6 and 7, $216.50 to $281.50; type 8, $350.75 to $456; type 9, $412.50 to $536.25; type 10, $464 to $603.

The statement savings account monthly maintenance fee does not apply to Premier customers or seniors, provided the senior account holder maintains a $100 average minimum balance, the bank said.

The charges for cashier’s cheques ordered manually and drafts ordered manually do not apply to seniors.