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HSBC is eliminating 26 types of fees and charges on basic banking services in a bid to make them more accessible to the public. The measure, which will take effect from November 1, is expected to benefit more than 4 million personal customers in Hong Kong.
Fee cancellation covers a wide range of services, including deposit and withdrawal of foreign currency banknotes, request for bank documents and reports, passbook replacement, HSBC global transfers and remittances.
The banking giant said in a statement that the measure aims to improve financial inclusion and help clients who have been severely affected by the economic consequences of the Covid-19 pandemic.
HSBC is also launching a new integrated account, HSBC One, which aims to provide a better, easier and more innovative comprehensive smart banking solution to meet the diverse and changing needs of customers. Without a minimum balance requirement, HSBC One will provide a wide variety of services and solutions, from transaction banking to enhanced digital facilities, and from travel services to wealth management.
Last year, HSBC became the first Hong Kong bank to eliminate minimum balance requirements and below-balance fees for integrated personal account customers, benefiting more than 3 million personal customers. Annual and monthly fees and window transaction fees for a variety of personal savings accounts were also eliminated. The bank has also launched banking services for people with dementia or impaired mental capacity, as well as Hong Kong residents without a fixed address.
Brian Hui, Director of Proposals and Marketing for Clients, Wealth and Personal Banking, HSBC, Hong Kong, comments: “This is the future of banking: high-quality, low-cost services that our clients can access. We particularly expect HSBC One to address specific issues faced by younger customers, many of whom lack confidence in their ability to choose the right banking solutions for their needs. “
The latest measures came after the bank reported a 65% drop in pre-tax earnings for the first six months of 2020 to $ 4.32 billion, as loan provisions grew amid the pandemic. . Earlier in the year, his decision to cancel the dividend he had already declared to shareholders drew criticism from retail investors in Hong Kong, while his share price has been on a downward trend since February.
