Cyprus Mail
Letters

No logic to bank charges

I have my Cyprus bank accounts with the Co-Op bank in Paphos. Recently €1,000 was paid into my account and there was no bank charge but, when €5,000 was paid in there was a charge of €2 and, when €30,000 was paid in there was a charge of €6. My bank manager has been unable to explain why these charges were made. They are relatively small but, as far as I am aware, only Cyprus banks make such charges.

I pay the bank to operate my account (and, again, I know of no other country where such charges are made). Do all Cyprus banks charge both to operate an account and again when money is paid in? Does it cost a bank more to accept a payment of €5,000 or €30,000 than one of €1,000? How do the banks justify these impositions? Why do we allow them to get away with it?

DJ, Paphos

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