Hellenic offers free banking, special measures for vulnerable

Endeavouring to support its customers through the current challenging financial pressures, Hellenic Bank has introduced an array of new measures aimed at easing its customers’ obligations, while facilitating their banking needs. The new measures pay particular emphasis to vulnerable groups and offer free banking transactions, reduced fees, an increased Single Euro Payments Area (SEPA) limit and fee charge, as well as in-store support, to name a few.

Basic banking without fees

Using its Online Banking and Mobile Banking App as alternative channels to carry out basic daily transactions, Hellenic not only provides customers with instant and remote access to meet their banking needs, but also offers this service without any fees. In other words, basic online transactions are free of charge.

In addition, as the Bank systematically upgrades its digital services, its online support services allow transfers to financial institutions of Cyprus and Europe (SEPA) of up to €5,000 free of charge (valid for online money transfers in euros, within the EU and with a regular execution date). Via Online Banking, customers can also choose to print their IBAN free of charge, pay bills to over 1,200 different accounts and local organisations in cooperation with JCC Smart, recover their PIN, temporarily freeze their card, request the creation of accounts, loans and insurance products, and order cheque books, in addition to other services.

The Bank’s Mobile Banking App also facilitates customers in making unlimited money transfers within Hellenic Bank in real time and entirely free of charge, as well as to send or receive money in a matter of seconds. What’s more, customers with a debit card connected to their Savings or Basic account can withdraw cash (in euros) from any ATM, both in Cyprus or abroad, free of charge. More recently, the Bank has also provided customers with the option of acquiring a Hellenic Bank Basic Account for a flat monthly rate of €1.50.

Reaching out to the vulnerable

Acknowledging the challenges that some groups within our society may be facing, Hellenic has assessed the needs of its most vulnerable clients, and now provides reduced cashier fees for those over the age of 65, as well as other special arrangements for beneficiaries of a Guaranteed Minimum Income (GMI).

Customers over 65 can benefit from lower fees for cashier transactions, while, in addition to the lowest charge that currently applies for them with regards to cash withdrawals at the cashier, lower charges now also apply to cash deposits and cheques, as well as for cashing cheques at the cashier.

With regards GMI beneficiaries and low-income pensioners who have also been assessed as vulnerable by the Bank, 57,000 free (zero opening and maintenance costs) accounts have been made available, and allow all basic banking transactions to be made free of charge, as long as they are carried out with a Basic Debit Card.

Additionally, low-income pensioners who receive a pension below €800 per month (deposited in the Bank’s Savings Account) will now benefit from an entire year of no applicable maintenance fee for their Savings Account.

Extra support has also been facilitated on the ground with the Meeters & Greeters service, which provides specialist operatives at all branches, who are there to help familiarise customers with the Bank’s free online channels, and which, in turn, has essentially eliminated long queues at cashiers.

Considering the free SEPA transfers of €5,000 mentioned above, this service comes in equally to support families, as well as small/medium-sized businesses, whose transactions and salary payments are below €5,000. Just as an example, a company with three to four employees can now make all its transfers and salary payments (which usually don’t exceed €5,000) for free; or, as another example, a parent seeking to send money to their child can send up to €5,000 completely free of charge.