HSBC will start charging its customers 5 Euros unless they deposit € 2,300 every three months. An email sent by the bank to its customers states that those over the age of 61 are being asked to deposit in the current or savings account, at least € 1,250 every three months, otherwise they will also incur the charge of five euros a month.

The bank said there were a number of people who could be exempted from the payment, including children who have an account and are under 16 or young people who are studying and have not yet turned 25.

In a statement, the Consumers’ Association protested against what it called a reckless charge by the bank. In its statement the association said that the interest given by the banks is ridiculous especially since they use their customers’ money to lend at a much higher interest than what they give to the depositors in their bank.

In an interview on ONE News, the President of the Consumers’ Association, Benny Borg Bonello, commented that this is a measure that will adversely affect low-income people, such as pensioners. He stressed that he feels that banks should also have social responsibility.

He explained that, “The reaction of the Consumers’ Association is that it is confused because this measure will severely affect those who are vulnerable consumers.” He said that we could be in a situation wherein instead of the bank paying out interest for deposits, it will start charging its customers for using its banking services.

The Consumers’ Association recalled that in 2019, HSBC made a pre-tax profit of € 45.3 million which represents a 24% increase over the previous year.