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Cyprus Eastern Forum Index » Banking, Insurance & Investments » ALPHA BANK €200 Maintenance Account Charges Goto page 1, 2  Next
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ALPHA BANK €200 Maintenance Account Charges 
Post: #1   PostPosted: Sun Jul 28, 2019 8:34 am Reply with quote
Da Funk
Joined: 19 Aug 2010
Posts: 124
Pictures: 0

 
I’m with Alpha Bank and have received notification about going to €50 per quarter. I wrote an email questioning the unreasonable charges. They told me it is for international customers which I think is even worse than the charges themselves as they are effectively discriminating against foreigners for no other reason other than there place of birth.

This was Alpha Banks response:

Following the below please note that the Account Maintenance charge consists a real Bank cost regarding the maintenance and the serving of the accounts. The fee is included in the Bank’s charge catalogue which is published at Bank’s website at www.alphabank.com.cy and it is charged on a customer basis, quarterly. As you have already been informed in writing, by August 2019 the fee will be increased to €50 per customer, per quarter.

I replied:
That does not answer my question? So your charging €200 per year for just having an account with your bank? I’ve never heard of anything so ridiculous in my life and I’ve never heard of any bank ever charging for maintenance!! I am already charged for every single transaction I make.

Are you saying every single customer is being charged this amount for having an account opened with Alpha Bank?

Please note my mortgage only has a few months left until the loan is complete. I have been a customer for 14 years and you are in danger of me moving to another bank for unjustified and overinflated charges.

Alpha replied:
Regarding the below please note that yes, there is a charge of €25 per client, per quarter as Account Maintenance charge which will be increased to €50 per quarter per customer by August 2019. This charge cannot be waived, despite of any other aspects of the business relationship (duration, profitability etc). It is charged per customer, not per account basis and it is applicable to all international customers.

I replied:
So why are you only charging International customers and not local customers? Why should international customers be charged extra? As if the charges are bad enough you are discriminating against foreigners for no reason whatsoever other than to get more money.

Alpha replied:
The different pricing between residents and non residents is due to the fact that non-residents servicing requires increased monitoring, specialized staff familiar with foreign language, awareness of the legal, regulatory and compliance status of customer’s country of residency etc.

We would like to express our understanding about the feelings of disappointment and dissatisfaction expressed in your below e-mails. Nevertheless kindly note that the charge policy of the Bank cannot be change.

Can anyone confirm if any other banks have introduced this quarterly fee for foreigners? I would like to move banks as soon as possible to bank that has no such charges. Looking for recommendations for a good bank with current account that does not rip off customers for simply having an account with them.
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Post: #2   PostPosted: Sun Jul 28, 2019 1:15 pm Reply with quote
Steve - SJD
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Da Funk - that's scandalous and thanks for sharing!

Will share this post and see if anyone else has received the same
treatment.

Cheers

Steve
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Post: #3   PostPosted: Mon Jul 29, 2019 7:31 am Reply with quote
nhowarth
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Location: Erimi, Limassol

 
Hi Da Funk

This is shocking! I suggest you report this to the Commissionner for Administration and Protection of Human Rights (Ombudsman).

Regards,

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Post: #4   PostPosted: Tue Jul 30, 2019 4:24 am Reply with quote
Da Funk
Joined: 19 Aug 2010
Posts: 124
Pictures: 0

 
nhowarth wrote:
Hi Da Funk

This is shocking! I suggest you report this to the Commissionner for Administration and Protection of Human Rights (Ombudsman).

Regards,


Thank you for the link Nigel, very shocking to say the least. I have put in a complaint to the link you provided. Hopefully other Alpha Bank customers can now do the same although I suspect a lot do not even know about this charges or realise that is a discrimination charge. This is what I wrote to them and I copied all email correspondence between myself and the bank.

Please read below, I would like to make an official complaint regarding my bank charging myself and other foreigners for
being born and living in another country. I know of no other bank in the world that does this and find this deeply offensive, morally wrong and frankly racist. Alpha bank is charging €200 to foreign nationals only and nothing to local Cypriots for the exact same bank account. Please see below the email exchange. I have all the original emails.
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Post: #5   PostPosted: Tue Jul 30, 2019 4:48 am Reply with quote
PatCon
Joined: 16 Nov 2008
Posts: 1762
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Location: Oroklini

 
Incredible, Da Funk! You should write to the media: "Alfa Bank is Mafia" and I'm sure the media will love to expose them. A great story for the media to print and broadcast. Get it translated for the Greek language papers too.

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Post: #6   PostPosted: Tue Jul 30, 2019 5:35 am Reply with quote
Blossom
Joined: 07 May 2015
Posts: 1533
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PatCon wrote:
Incredible, Da Funk! You should write to the media: "Alfa Bank is Mafia" and I'm sure the media will love to expose them. A great story for the media to print and broadcast. Get it translated for the Greek language papers too.


Definition. Libel is a method of defamation expressed by print, writing, pictures, signs, effigies, or any communication embodied in physical form that is injurious to a person's reputation, exposes a person to public hatred, contempt or ridicule, or injures a person in his/her business or profession.

Hope you know a good lawyer?

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Post: #7   PostPosted: Tue Jul 30, 2019 5:46 am Reply with quote
Da Funk
Joined: 19 Aug 2010
Posts: 124
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Blossom wrote:
PatCon wrote:
Incredible, Da Funk! You should write to the media: "Alfa Bank is Mafia" and I'm sure the media will love to expose them. A great story for the media to print and broadcast. Get it translated for the Greek language papers too.


Definition. Libel is a method of defamation expressed by print, writing, pictures, signs, effigies, or any communication embodied in physical form that is injurious to a person's reputation, exposes a person to public hatred, contempt or ridicule, or injures a person in his/her business or profession.

Hope you know a good lawyer?


No libel case there, the person stated Alfa Bank which does not exist in Cyprus. On a different subject I hope Alpha have good lawyers as I think this is complete prejudice and discrimination against foreigners.
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Post: #8   PostPosted: Tue Jul 30, 2019 5:54 am Reply with quote
Blossom
Joined: 07 May 2015
Posts: 1533
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Da Funk wrote:
Blossom wrote:
PatCon wrote:
Incredible, Da Funk! You should write to the media: "Alfa Bank is Mafia" and I'm sure the media will love to expose them. A great story for the media to print and broadcast. Get it translated for the Greek language papers too.


Definition. Libel is a method of defamation expressed by print, writing, pictures, signs, effigies, or any communication embodied in physical form that is injurious to a person's reputation, exposes a person to public hatred, contempt or ridicule, or injures a person in his/her business or profession.

Hope you know a good lawyer?


No libel case there, the person stated Alfa Bank which does not exist in Cyprus. On a different subject I hope Alpha have good lawyers as I think this is complete prejudice and discrimination against foreigners.

I was commentating on post 5, read it again.

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Post: #9   PostPosted: Tue Jul 30, 2019 7:44 am Reply with quote
PatCon
Joined: 16 Nov 2008
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Location: Oroklini

 
Don't take any notice of Blossom, Da Funk. She/he always makes such remarks to my posts. I don't think Blossom likes me. Crying or Very sad

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Post: #10   PostPosted: Tue Jul 30, 2019 7:51 am Reply with quote
Blossom
Joined: 07 May 2015
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PatCon wrote:
Don't take any notice of Blossom, Da Funk. She/he always makes such remarks to my posts. I don't think Blossom likes me. Crying or Very sad


Just trying to point out, be careful what you say about companies/ Businesses on forums.
they do sue people.

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Post: #11   PostPosted: Tue Jul 30, 2019 8:23 am Reply with quote
Woodrow Why?at
Joined: 04 Oct 2008
Posts: 6503
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Location: Ayia Thekla

 
PatCon wrote:
Don't take any notice of Blossom, Da Funk. She/he always makes such remarks to my posts. I don't think Blossom likes me. Crying or Very sad


You're not in a very exclusive club there, PatCon!! Laughing

As it is, 'The truth' is always a full and successful defence against the accusation of libel or slander! Rolling Eyes Cool

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Post: #12   PostPosted: Tue Jul 30, 2019 9:20 am Reply with quote
nhowarth
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Location: Erimi, Limassol

 
Hi Da Funk

Have you thought about contacting the Cyprus Mail? They've run a number of articles about bank charges - https://cyprus-mail.com/old/tag/bank-charges/

Regards,

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Post: #13   PostPosted: Tue Jul 30, 2019 10:31 am Reply with quote
Steve - SJD
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Da Funk wrote:
nhowarth wrote:
Hi Da Funk

This is shocking! I suggest you report this to the Commissionner for Administration and Protection of Human Rights (Ombudsman).

Regards,


Thank you for the link Nigel, very shocking to say the least. I have put in a complaint to the link you provided. Hopefully other Alpha Bank customers can now do the same although I suspect a lot do not even know about this charges or realise that is a discrimination charge. This is what I wrote to them and I copied all email correspondence between myself and the bank.

Please read below, I would like to make an official complaint regarding my bank charging myself and other foreigners for
being born and living in another country. I know of no other bank in the world that does this and find this deeply offensive, morally wrong and frankly racist. Alpha bank is charging €200 to foreign nationals only and nothing to local Cypriots for the exact same bank account. Please see below the email exchange. I have all the original emails.


Da Funk - posted it to our Facebook groups the other day and no one
else has mentioned the charges - except for ones from the Hellenic bank.

One question though - on the Alpha Bank list of new charges it mentions
the charge of €50 per quarter but doesn't specify that it is for non-residents.
Is there anyone living in Cyprus that is being charged this fee or any fee
from Alpha??

Cheers

Steve
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Post: #14   PostPosted: Tue Jul 30, 2019 12:31 pm Reply with quote
nhowarth
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Hi Steve

Check out the Alpha Bank charges at https://www.alphabank.com.cy/pdf/timologio_promithion_en.pdf

Page 2 section 7.2 - "International Sector Customers "

7.2.1 "Maintenance Fee"

• Individuals: €25 per customer, quarterly or part thereof
• Organizations: €100 per customer, quarterly or part thereof

Cheers,

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Nigel Howarth
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Post: #15   PostPosted: Tue Jul 30, 2019 12:38 pm Reply with quote
Woodrow Why?at
Joined: 04 Oct 2008
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Location: Ayia Thekla

 
One thing on this that's confusing is that up to now we have been paying only 3 Euros a quarter maintenance change, not the 25 mentioned? Confused

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Post: #16   PostPosted: Tue Jul 30, 2019 12:49 pm Reply with quote
Steve - SJD
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nhowarth wrote:
Hi Steve

Check out the Alpha Bank charges at https://www.alphabank.com.cy/pdf/timologio_promithion_en.pdf

Page 2 section 7.2 - "International Sector Customers "

7.2.1 "Maintenance Fee"

• Individuals: €25 per customer, quarterly or part thereof
• Organizations: €100 per customer, quarterly or part thereof

Cheers,


Thanks Nigel - didn't connect the heading to it Embarassed

Although I don't agree with it I bet they can get away with it and it's legal.

Personally I think people should just move to a different bank, if of course
they are able to do so.

I am guessing that those that can't will want to mitigate the increase so
this is at least something:
Quote:

Discount 50% applies, provided that at least 5 incoming/ outgoing payments have been executed within the last quarter, and the fee has been collected successfully.


Though to make the total of five payments you might have to get a
little inventive.

Cheers

Steve
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Post: #17   PostPosted: Tue Jul 30, 2019 12:51 pm Reply with quote
Steve - SJD
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Woodrow Why?at wrote:
One thing on this that's confusing is that up to now we have been paying only 3 Euros a quarter maintenance change, not the 25 mentioned? Confused


You are resident though - isn't that the point??

Cheers

Steve
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Post: #18   PostPosted: Tue Jul 30, 2019 1:24 pm Reply with quote
Woodrow Why?at
Joined: 04 Oct 2008
Posts: 6503
Pictures: 0
Location: Ayia Thekla

 
Steve - SJD wrote:
Woodrow Why?at wrote:
One thing on this that's confusing is that up to now we have been paying only 3 Euros a quarter maintenance change, not the 25 mentioned? Confused


You are resident though - isn't that the point??

Cheers

Steve


Not really, when I said "we" I was also referring to my friend who just has a holiday home here, so is NOT a resident? Confused

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Post: #19   PostPosted: Tue Jul 30, 2019 1:47 pm Reply with quote
Steve - SJD
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Woodrow Why?at wrote:
Steve - SJD wrote:
Woodrow Why?at wrote:
One thing on this that's confusing is that up to now we have been paying only 3 Euros a quarter maintenance change, not the 25 mentioned? Confused


You are resident though - isn't that the point??

Cheers

Steve


Not really, when I said "we" I was also referring to my friend who just has a holiday home here, so is NOT a resident? Confused


ah ok - didn't know you were talking about your friend with the holiday home.

Cheers

Steve
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Post: #20   PostPosted: Tue Jul 30, 2019 2:04 pm Reply with quote
Woodrow Why?at
Joined: 04 Oct 2008
Posts: 6503
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Location: Ayia Thekla

 
Steve - SJD wrote:
Woodrow Why?at wrote:
Steve - SJD wrote:
Woodrow Why?at wrote:
One thing on this that's confusing is that up to now we have been paying only 3 Euros a quarter maintenance change, not the 25 mentioned? Confused


You are resident though - isn't that the point??

Cheers

Steve


Not really, when I said "we" I was also referring to my friend who just has a holiday home here, so is NOT a resident? Confused


ah ok - didn't know you were talking about your friend with the holiday home.

Cheers

Steve


No reason why you should, Steve! Smile

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ALPHA BANK €200 Maintenance Account Charges 
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