KEY POINTS:
HSBC bank is hitting ordinary Kiwi mortgage holders with large new monthly account fees, as it turns its attention to a higher net worth clientele.
Its customers with loans of under $500,000 or deposits of less than $100,000 - termed "Non Premier" - are now having to pay $15 a month on each of their cheque, savings and revolving credit accounts. The new fees came in on December 1.
One customer estimated this would cost him $540 year, whereas previously he had been paying no fees at all. "I'm bloody annoyed."
Head of marketing and group communications Lesley Pope said HSBC's focus was on "international" New Zealanders. "We don't have a broad retail network, so we're looking now to really focus in on these Premier customers who need our international services."
Asked if the new fees were designed to discourage Mum and Dad mortgage holders, Ms Pope said: "We'd definitely like to talk to our customers if they can qualify for Premier."
Are you a business or personal customer of HSBC hit with higher charges or less favourable terms?
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