Bank of Cyprus Public Company Ltd is going to apply new fee on credit balances of Euro deposits and reduct the Euro interest rates.
Please read below the official announcement received from the bank and also visit bank website to see the new rates https://bankofcyprus.com.cy/globalassets/cyprus/org_methods/reustotita/english/final-table-of-liquidity-fee-on-fc-gg-and-semi-government-printed-and-mailed2.pdf
Globalserve Clients are requested to contact us for more information.
"Bank of Cyprus Public Company Ltd (the ‘Bank’) would like to inform you that, given the current market conditions and as a result of the prevailing negative interest rates in Euro, the Bank has no option but to introduce charges on deposit accounts for a limited number of customers. As a result, the Bank will proceed with the following revisions with regards to your EUR accounts, with effective date 01/03/2020:
Α) Introduction of a new fee to your EUR accounts maintained with the Bank.
The attached Table indicates the new fee (‘Liquidity Fee’) to be charged, based on the type and the tenor of the deposit. The Table is also uploaded to our website, www.bankofcyprus.com, and is available at the Bank’s Branches.
Β) Reduction of the EUR credit interest rates to 0% for the following types of EUR accounts maintained with the Bank.
- Current accounts, Savings accounts, Instant Access and Sight accounts
- Notice accounts
- Fixed Deposits
The aforementioned revisions reflect the cost incurred by the Bank, as a result of the negative interest rates prevailing in the international markets.
The following apply with respect to the implementation of the aforementioned revisions:
Regarding your Payment Accounts
Payment Accounts are defined as follows:
- Current accounts, with or without limit
- Savings Accounts
- Credit Card Accounts
Should you disagree with the upcoming Liquidity Fee as described in the attached Table, and/or the reduction in credit interest rates, you have the right, prior to 01/03/2020, to inform the Bank accordingly and terminate any Payment Accounts that you maintain with the Bank. In such a case, no charge will apply in relation to the termination of your Payment Accounts. If by 01/03/2020 you do not inform the Bank that you intend to terminate your Payment Accounts held with the Bank, it shall be deemed that you agree with the implementation of the above fee as well as the reduction in the credit interest rates, as mentioned above.
Regarding your other accounts
It is noted that for fixed deposit accounts, the new fee and the reduction of the interest rates will be effective upon the renewal of the fixed deposit, whereby such renewal will be on or after the 01/03/2020.
In case you do not agree with the upcoming fee, as described in the Table attached, and/or the reduction of the interest rates with regards to accounts other than Payment Accounts (e.g. fixed deposits), you have the right not to renew such account(s) and/or terminate same. Should you wish to terminate such account(s) prior to their maturity, you may be charged as per the current Table of Commissions and Charges and/or as per your agreements with the Bank pertaining to these accounts.
For more information, and/or alternative product options, please contact your Accounts Officer (xxxxx, telephone number: xxxxx) or any Bank of Cyprus Branch."
Source: Bank of Cyprus Public Company