HSBC removes preferential safe deposit box fee for non-Premier customers

Singapore

SOME non-Premier account holders of HSBC are upset over the bank's plan to lift its 50 per cent preferential rate to rent a safe deposit box. This means a 100 per cent hike for such customers in the annual rental fee which for the largest box works out to S$856 inclusive of Goods and Services Tax.

Premier account holders are those who have at least S$200,000 with the bank or a minimum S$800,000 property loan.

"It's ridiculous . . . we all know safe deposit boxes are in short supply," an HSBC customer told BT. Moreover, unhappy customers are unlikely to switch to other banks because bank safe deposit boxes, especially those located in a…