The Bank of Valletta has said that it has taken the decision to reverse the fees applied so far related to dormant accounts and those applicable to account balances below the minimum threshold of €200.

The Bank said that this decision has been made following discussions with the Malta Financial Services Authority and as it became apparent that despite the Bank’s communication programme over June to December 2020 through various media channels, a number of customers remained unaware of the introduction of these charges.

The Bank explained that it had introduced these fees to partially recover costs of retaining accounts for clients who choose to keep their accounts inactive or with a low balance.

BOV added that it will be “pursuing discussions with the Malta Financial Services Authority and will be communicating afresh with its customers in this regard.”

These fees will be reversed automatically and there is no need for customers to contact their Branch or the Bank’s Customer Service Centre.

Notwithstanding the above, Bank of Valletta said that it continues to encourage its clients not using their bank accounts to “either activate these accounts, close them should they not be needed any more or opt for a basic payment account which is exempt from the application of such charges.”

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