How much do our transactions with banks cost?

No transaction with credit institutions is done for free and from time to time the list of commissions and charges is revised. Charges for digital service channels are lower or negligible compared to those made in stores.

The customers of Bank of Cyprus have already been informed with the sending of the new catalog that from 17/10/2016 the charges for individuals, legal entities and customers of international work centers will change. One of the charges that most customers are interested in is what happens in cases of early repayment of the loan or delay in repayment of the installment. For natural and legal persons, when they delay the payment of the installment, there is an additional interest rate of 2% on the amount of the delay that is valid for as long as the delay remains. Also payment of € 5 per month for the first sixty days that the loan is overdue. After the first sixty days of delay the bank charges € 20 per month.

The costs of preparing a contract amount to € 50, a fixed charge for individuals for financing up to € 20.000. For financing over € 20.000 the fixed charge for contract preparation is € 75. For early repayment of a loan other than refinancing, the elimination of the mortgage costs € 50.

Exceeding the debit current account (beyond the approved limit) has a charge of 2% additional interest rate on the amount of the excess, which is valid for as long as the excess remains. Also an additional payment of € 12 for each day that a debit transaction takes place which results in the creation or increase of the excess. For withdrawal from a warning account (in local currency) without notice, once a month it is allowed to withdraw up to € 2.000 free of charge, otherwise there is a 2% charge.

The costs of printing and sending an invoice are € 3- € 6. Even inactive accounts are charged. Account immobilization (for alert and savings account) minors are free of charge. Adults are charged € 5 per quarter when the account is idle and the balance is less than € 200. For the return of a check due to insufficient balance is € 35 for each check (issuer's charge). For return of a check more than two times the charge is € 10 for each check (depositor charge).

The instruction for revocation / cancellation of a check payment is € 10 / € 25 charge for each check, charge for each instruction of the customer. There is no charge through 1bank. For checkbooks the charge is € 15 and through 1 bank € 6. For redemption of checks there is a charge of 0,2% minimum € 5 for checks of other local banks.

Bank of Cyprus on the occasion of the new list states that the new charges and commissions are part of the effort to reduce the environmental impact of the bank and to a large extent include services with zero or reduced charge in services provided through electronic channels. In this way, he notes, we create incentives, both for the bank itself and for customers, to turn to digital service. The last revision of the commissions and charges, the Bank of Cyprus points out, took place in 2010 and today does not reflect the data (technological, supervisory, etc.) in the banking market.

The new list, he concludes, largely reflects the development of new electronic (digital) service channels, in which the charges will be reduced or even zero. These options are cheaper if not free, more transparent, faster and more environmentally friendly, while also offering more control in the hands of the customer. Bank of Cyprus states that the loans or interest rates of any account are not affected. There is little variation in the cost of maintaining current accounts. Customers with a low current account limit will have a reduction in related commissions.

Source: Liberal