Butterfield Bank Adds $1 P/M Savings Account Fee
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.”
I will be closing my account next week. NTB are — plain and simple.
Put your money with Capital G Bank. Better rates, better service, no fees.
Yup – here it comes – bank makes big time money in the last qtr and we end up paying more – please explain. Banks keep upping their fees by dollars and not cents – people will be keeping their money the old fashioned way “in their mattresses or holes in the ground”.
Sneakiness – check to see what the Gov’t snuck in under the rug $4.00 increase last month on was it Social Insurance?????
Working hand in hand!!
YES the social insurance underwent a $4.00 increase……………this went through with little fanfare!!! They only want fanfare when they THINK it looks good not when it is certainly not good!!!
Well if any customers are unhappy with this, they can always close down their accounts and move them over to one of the other banks.
Oh wait, forgot for a second that they’re all in cahoots anyway, I’m sure the other banks will see an opportunity here and do the same thing in due course .. there’s no real competition here in the banking space.
No matter what I do, I’m never going to get ahead on this island cause everytime I look I’m making less and they (gov’t, banks, insurance) keep taking more. SMDH
Ditto!
They’ve gone from “Bermuda’s First Bank” to “Bermuda’s Worst Bank.” They suck and —- from people….not only have people lost their life savings when their shares went down the toilet (and don’t tell me someone at Senior Management level didn’t know what was happening there), but they charge YOU for taking your money and making their fortune from it.
I’m done with them and have moved elsewhere. Screw them as they have done to me and are still doingi to their existing customers!
By the way, how many CEO’s have they gone through in the last five years. Ever wonder why????? Hhhmmmmmm.
Butterfield customers I say move to another bank. I know I will. Enough of these institutions screwing us at every turn so they can line their pockets. $1 a month adds up over the years. Incredulous that they are making ME pay to use MY money. Capital G here I come. And if they follow suit then back to the old days – mattress or burying it. This island going backwards anyway. Pretty soon we all will be eating just soup and growing our own vegetables. No meat, we’ll all be vegetarians.
Bye Bye Butterfield……HSBC here comes a loyal customer
You’re delusional if you think HSBC is any better. The only advantage is that they are global. If you’re gonna move your money Capital G would be wiser.
Not only do they charge me $3.00 per month on my rarely used checking fee but then they charged me $1.50 to use a check!!!
I was forced to open an account at NTB when I briefly worked there. They take $3 a month out of it and now it is in overdraft. I wonder how long it will be that they keep taking money that I don’t have there and that I won’t be paying them. NTB – Not Too Bright.
Really? More money to leave Bermuda…
Butterfield CEO replaced…same day news hits the press.
good bye bank of butterfield hello again capital g and hsbc, tried to stick with my country but…..wth $1 per month ta hell with that $12 a year and what some people have in the bank their intrest paid back to them is less than $12, if about a good 50k people is in the bank then that 50k a month, and the banks service sucks with rude cutomer service young women who have attitudes when u call…loan officers who neverand hardly return or never answer their phones(try calling one right now), now this??? yeah good bye butterfield
A dreadful decision made through ignorance of the proper role of a community bank, which, as well as making a healthy return for the shareholders, should provide a service for the community. It is possible to do both but taking a $1 a month from kids’ savings accounts smacks of “New York” type bankers.
I will be closing my account! Every month i’m gonna be losing a dollar for my own money!! Butterfield Bank is putting themselves out of business! First they charge people for increasing their daily withdrawal limit on their debit cards and now this bull crap!! Good luck to the staff there.
MAINTAINING WHAT, exactly???How is it costing the bank ANYthing to keep my account? Bad decision by a bad bank.
Oooohhh BNTB!! The stories I could tell about how you screwed me, not once but twice!
@ Cheekums Bi: for once, we are on the same page – loan officers that don’t answer calls and don’t return them – try three returned calls over seven MONTHS of leaving messages!
Sadly, it will cost me too much to move my mortgage to Capital G. Already tried to do that and found out I couldn’t afford to move. That doesn’t make me happy at all.