HSBC Drops Charges For 26 Types Of Services

HSBC has announced the scrapping of fees and charges of 26 types of basic banking services, saying that would benefit customers amid the coronavirus outbreak even as the bank battled a drop in earnings.

The banking giant also said the move would "enhance financial inclusion" and make its services more accessible, benefiting more than 4 million customers.

Among the charges to be removed from November are those relating to cheque deposit, via either cheque deposit machines or tellers with a cap of 30 per day per customer.

For those looking to deposit small change – such as vendors of small businesses – they won't be charged for putting in fewer than 500 coins per day.

Charges would also be scrapped for the deposit and withdrawal of renminbi and foreign currency notes.

Among the other services to become free of charge are requests for financial reports and documents, passbook replacement, and global transfers.

HSBC, which was criticised in the past for levelling high fees and charges on customers, said its objective now is to turn to low fees and boost accessibility.

HSBC posted a 65 percent drop in pre-tax profits in the first six months of 2020, as it battled the impact of the Covid-19 outbreak and low interest rates.

Its share price in Hong Kong has failed to impress, hovering below HK$40.

The bank also came under fire from former Chief Executive CY Leung, who complained that it failed to back the new national security law in Hong Kong. HSBC has since voiced support for the law.