HSBC scrubs bank account fees and charges from August 1

Business | 19 Jun 2019 4:29 pm

HSBC announced today that fees and charges on most of its bank accounts would be waived from August 1. More than 3 million individual customers will benefit, the bank said, RTHK reports.
These include the HSBC advance integrated account and personal integrated account, which  charge holders for having a three-month average balance of less than HK$200,000 and HK$5,000, respectively.
Fees and charges for the HKD statement savings account, HKD passbook savings account, cash card account, superease account and university student account, will be abolished.
HSBC says it is the first bank in Hong Kong to provide free basic banking services.
But charges for top-end accounts, where customers have access to a relationship manager, will remain.
"This is a key step in reinforcing HSBC's commitment, as Hong Kong's leading bank, to promoting financial inclusion and making banking easy for customers from all backgrounds," said Greg Hingston, the head of retail banking and wealth management of the bank's Hong Kong unit.
Finance sector lawmaker Ronick Chan says he expects other banks to follow suit.
"I think traditional banks waive this kind of account fees, will be a reaction to competition from the new virtual banks that will come into operation very soon," Chan said.
The Hong Kong Monetary Authority has issued eight virtual bank licences.
HSBC also said its customers can now access leading digital payment services to pay for goods and services and complete money transfers.

Tommy Ong, managing director, head of wealth management solutions at treasury and markets of Greater China at DBS Bank, said that the move could pave way for addressing the challenge from virtual banks.-RTHK/The Standard

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