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News/Press Releases

19th March 2015


Fee Revision

Our banking fees have remained the same for several years, while the regulatory environment has since changed considerably, requiring banking institutions to place greater effort into compliance with enhanced national and international rules and regulations.

 

This trend has led to higher operational costs, which has warranted a revision of our Fee Schedule. The fees for three due diligence-related items will be increased with effect from January 1st 2015. These are the New Account Processing Fee (increased to USD 250.00), annual Account Maintenance Fee (increased to USD 150.00 for personal and USD 200.00 for corporate accounts) and the Incoming Payments Fee (raised to USD 15.00).

 

Further fee revisions will come into effect later during 2015, in conjunction with the implementation of our new Core Banking Software. The increased level of automation of the new system will allow us to pass on the benefits of such automation to clients through the revised fees, while the costs of undertaking manual transactions will be levied on those choosing to provide instructions in this manner. These further revisions to our changes will be highlighted in a future communication.

 

We believe that our proposed fees remain competitive and that through amending our fees we will be able to continue providing the customer service you have come to rely on in the past. Should you have any questions and/or comments please do not hesitate to contact us at +1-758-452-0444 or via email to info@boslil.com.