GRTU blasts HSBC’s €10 charge on internet transactions

GRTU has written to the chairman of the Malta Financial Services Authority (MFSA), Joe Bannister, in regards to the numerous complaints by its members that HSBC has decided to start imposing another charge on businesses.

The union said that the bank enjoys a dominant position and stressed that initiatives should be regulated.

"GRTU has asked that MFSA takes the issue seriously and that GRTU is given an early opportunity to discuss the matter as our members merit a reply for the concerns expressed."

It said all businesses having HSBC accounts have to succumb to the new charge on internet banking and hit out at HSBC for simply informing its customers that it is in the process of phasing out its current internet banking service to be replaced with a new, enhanced one, and a charge of €10 per month is applicable the GRTU said.

The union said this charge alarmed its members as internet banking no longer a luxury but a necessity in the daily running of an enterprise.

"Introducing a fee on a daily necessity will inevitably put up business running costs which many businesses are finding it increasingly difficult to cope with already in such delicate times and when everyone else is doing his utmost to improve our employment levels. It is not acceptable that such a charge is introduced without prior consultation and an analysis of what the impact will be," GRTU said.

It said HSBC was "once again hiding a charge behind increased services, services that are once again not optional and most of them not requested."

While defending the bank's right to increase its services, GRTU noted that enterprises that are happy with the current necessary basic service and do not want to add any additional unnecessary costs should be allowed to have a choice.

"HSBC has already reduced the number of branches drastically to encourage clients to utilise internet banking so now the possibilities to go back to using the branches has been reduced.