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Announcement on increased account maintenance fee

13 May, 2022

RCB Bank Ltd (hereinafter “the Bank” or “the RCB Bank”) wishes to announce that, as part of its ongoing efforts to phase out its banking operations, it will be introducing increased account maintenance fees from July 12th 2022. 

While a significant number of accounts have been closed, the Bank still faces operational challenges for the account closure, especially to accounts with small balances. In an effort to speed up the process and complete the phasing out of its banking operations, as has been announced, RCB Bank intends to increase the applicable account maintenance fees across all client categories, applying the highest tariff of the Bank which is the amount of €350 per month.

We kindly ask RCB Bank clients once again to facilitate the account closure procedure with RCB Bank and transfer out any funds held in accounts with the Bank as soon as possible. In case RCB Bank does not receive account closure instructions from clients by July 12th 2022, the new fees for account maintenance shall be applied to the accounts. The new fees for account maintenance shall be charged on the 12th July, 2022 for three (3) months in advance totalling to €1.050. 

This move aims to significantly reduce the number of open accounts by that date, and thus allow the facilitating account closure of any remaining active accounts of the clients with small balances until July 2022. 

Additionally, the RCB Bank continues its strenuous efforts to communicate with all its clients and urges them to transfer their banking transactions to other institutions in line with its commitment to exit the banking market while placing depositors first. It therefore sincerely hopes that the intended increase in account maintenance fees from the 12th July 2022, will simply act as an additional incentive for all remaining customers to proceed with the closure of their banking relationship with RCB Bank prior to this date. 

We thank RCB Bank clients again for the trust all these years and we regret having to ask you to terminate your banking relationship with the Bank. We remain at your disposal for any questions you may have. For your convenience you can call our Customer Service Centre at 800 00 722 or +357 25 355 722 (if calling from abroad), from 09:00 to 18:00, Monday to Friday.