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Issues with Banif/BNF

Does anyone here use Banif?

I've banked with them for 12 months now. I opened an account understanding that for the first 12 months, they would put 500 euros into a term deposit, and 50 euros per month. After 12 months, the term deposit would mature and I would get the money back.

12 months has passed. They contacted me and said my term deposit matured and they have other options available in regards to term deposits if I'm interested. I politely declined and that was that.

They now call me again 3 weeks later and stated I MUST start a new term deposit to keep my account. I said whoa no I was told this was a one time only thing. He said nope, it must happen every year.

Has anyone heard of this?  I understand I'm not actually losing money, and am actually gaining a little, but it just seems off.

JV321 :

Does anyone here use Banif?

I've banked with them for 12 months now. I opened an account understanding that for the first 12 months, they would put 500 euros into a term deposit, and 50 euros per month. After 12 months, the term deposit would mature and I would get the money back.

12 months has passed. They contacted me and said my term deposit matured and they have other options available in regards to term deposits if I'm interested. I politely declined and that was that.

They now call me again 3 weeks later and stated I MUST start a new term deposit to keep my account. I said whoa no I was told this was a one time only thing. He said nope, it must happen every year.

Has anyone heard of this?  I understand I'm not actually losing money, and am actually gaining a little, but it just seems off.

Been with them for more than 4 years now and never had anything like that, we just walked in, opened an account with just a passport and proof of address and that was that.

Much as we have not had any problems, I would be talking to other banks if that happened to me. The trouble is they are as bad as each other!

Ray

F0xgl0ve :

Much as we have not had any problems, I would be talking to other banks if that happened to me. The trouble is they are as bad as each other!
Ray

And there lies the issue. I don't really want to go through the hassle of changing banks either.

I've had a look over the Terms and Conditions and aren't able to find anything that says you must have a term deposit to keep your current account. I think I'm going to tell them show me where I signed a form saying that when the account was opened or show me in your terms and conditions.

Surely they can't force me if it's on neither?

JV321 :
F0xgl0ve :

Much as we have not had any problems, I would be talking to other banks if that happened to me. The trouble is they are as bad as each other!
Ray

And there lies the issue. I don't really want to go through the hassle of changing banks either.

I've had a look over the Terms and Conditions and aren't able to find anything that says you must have a term deposit to keep your current account. I think I'm going to tell them show me where I signed a form saying that when the account was opened or show me in your terms and conditions.

Surely they can't force me if it's on neither?

You would think not, but this is Malta!

Ray

We've just opened a  current account with BNF, they called it a salary account and I think I have to deposit around €750-€800 a month. No other strings attached though.

RayAucote :

We've just opened a  current account with BNF, they called it a salary account and I think I have to deposit around €750-€800 a month. No other strings attached though.

Perfect. Just the information I needed. Thanks!

Had the same issue from St Julians branch – both had accounts at Banif, and despite a decent amount being paid in the account each month and saved they still wanted EUR 50 a month from each of us. I was fine with this until the end of the 12 months, the deposit was returned and visa debit card blocked without warning.  I asked if I could just keep the EUR 600 on each account on deposit but was told no I had to agree to a further EUR 50 month payment – I expect this is so the Manager meets their target of x amount of deposit accounts opened a month.

Darrylv :

Had the same issue from St Julians branch – both had accounts at Banif, and despite a decent amount being paid in the account each month and saved they still wanted EUR 50 a month from each of us. I was fine with this until the end of the 12 months, the deposit was returned and visa debit card blocked without warning.  I asked if I could just keep the EUR 600 on each account on deposit but was told no I had to agree to a further EUR 50 month payment – I expect this is so the Manager meets their target of x amount of deposit accounts opened a month.

I agree I think this is the case. Overall it's obviously not going to cost me anything so it's not THAT big of an issue, but I just don't like the idea of being forced into a product. I've looked through their Terms and Conditions and can't find anything that states I MUST have this to keep my account with them.

Darrylv :

Had the same issue from St Julians branch – both had accounts at Banif, and despite a decent amount being paid in the account each month and saved they still wanted EUR 50 a month from each of us. I was fine with this until the end of the 12 months, the deposit was returned and visa debit card blocked without warning.  I asked if I could just keep the EUR 600 on each account on deposit but was told no I had to agree to a further EUR 50 month payment – I expect this is so the Manager meets their target of x amount of deposit accounts opened a month.

@Darrylv

Please see:

http://www.expat.com/forum/viewtopic.ph … 30#3620586

and

http://www.expat.com/forum/viewtopic.ph … 87#3783246

st julians branch has a reputation for this, try elsewhere

Banks in Malta are shocking,they hold your money hostage with no benefit to customers and they all collude.

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