The Hongkong and Shanghai Banking Corporation said on Monday that it will introduce a HK$5 fee per cheque for HSBC One, personal integrated accounts, and individual clients depositing cheques at branch counters, effective from May 1.
Before the adjustment, deposits of 15 cheques or fewer are exempt from fees, with a charge of HK$1 applied to each additional cheque thereafter.
HSBC said that depositing cheques via cheque deposit machines or other non-counter channels will remain free of charge.
Additionally, a HK$50 fee per transaction will apply to HSBC One, personal integrated account holders, and individual customers for passbook updates at branch counters, while the fee will be waived if the update is incidental to a counter transaction, such as cash deposits or withdrawals, or cheque deposits.
Clients of HSBC premier bank accounts and HSBC premier elite remained uncharged for the passbook updates service.
In terms of returned cheques due to insufficient funds, the fee for Hong Kong dollar and US dollar current accounts will increase from HK$150 to HK$180, while the fee for yuan current accounts will rise from 220 yuan (HK$249.8) to 240 yuan.
An HSBC spokesperson said the latest fee adjustment aims to encourage customers to use free self-service channels, such as cheque deposit machines, the mobile app, and cheque drop-in boxes, to deposit cheques, seeking to divert customers with different needs and deliver a better service experience.
The bank also believed that the changes are at an acceptable market level.
