Butterfield Bank is implementing a new fee of $1 per month per savings account. The newly added fee is a “maintenance fee” according to the Bank’s website, and is waived for seniors, youth and charities.
However at least one customer is unhappy with the lack of notice about the charge, with an email we received saying: “The biggest issue I have with this is that they did not inform me, a Butterfield Bank customer.”
“I do not appreciate their sneakiness, giving no notice (for the record my they have both my work and personal email addresses on file). There was no notice on the ebanking (Butterfield online) which shows news and that did not even mention it.
“The information is in the public domain but unless one happens to look at their rates and fees sheet for savings accounts they would be unaware. Very inappropriate behaviour from a bank that is supposed to operating in good faith.”
A spokesperson for the Bank said: “”The Bank periodically makes adjustments to rates and fees and notifies customers of those changes as outlined in our Terms and Conditions document, which is available on our website. In this case, we provided one month’s advance notice via our Schedule of Charges, on our website and via in-branch signage.”
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