Pay DKK 50 to withdraw your own money

BankNordik has announced extensive changes to its service offerings and charges.

The current DKK 350,000 exemption limit for negative interest on personal clients’ deposits will be lowered to DKK 150,000, and the negative interest rate on deposits will go from -0.6 to -0.75.

This change in the negative interest rate also applies to pension accounts, though with no exemption limit.

Big fee hike

On top of this, the bank says it will increase 38 of its service charges on 16 August.

These include the charge for over-the-counter deposits and withdrawals, which will double from DKK 25 to DKK 50.

The annual fee for foreign currency account holders will go up from DKK 100 to DKK 500, and online bill payments, currently free of charge, will cost DKK 5.

Number of ATMs halved

On 16 August, eight of the country’s 16 automatic teller machines (ATMs) will be taken out of service.

These machines are located in Toftir, Strendur, Kollafjørður, Hoyvík, Hornabø (Tórshavn), Vágur, Eiði and Vágar Airport.

According to a statement on the bank’s website, the reason for these closures is a combination of high operational costs and limited demand, resulting in an overall deficit.

BankNordik last year reported profits of DKK 166 million before taxes and DKK 118 million in profits for Q1 2021.

Read the Faroese version of this article here.

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