Komerční banka has introduced some changes to the price list, which will be applicable from 1 June 2012. Their purpose is to make the benefits of the MojeOdměny scheme available to a broader group of clients and also to support their achievement of higher rewards for using everyday banking services. KB’s price list has also been simplified.

Holders of the MůjÚčet package will now be able to recoup up to 100% of the fee for its keeping, in the form of a reward. For every satisfied condition for the granting of the bonus, Komerční banka will pay a reward of 25% of the monthly fee for account keeping. Upon satisfying all four conditions, clients will therefore recoup the entire monthly fee for account keeping.

For easier availability of the rewards, Komerční banka changes one of the conditions for the MůjÚčet and G2.2 packages. A new condition is the crediting of one incoming payment to the account per month1.

Komerční banka will make it easier for university graduates to use the G2.2 student accounts under more advantageous terms until 30 years of age. To obtain this advantageous account, it will now be enough for graduates to furnish a document proving successful completion of studies regardless of the age of the document (so far, such document could not be older than one year).

“After one year of its operation, we are receiving feedback from the market that clients like the MojeOdměny scheme. We are therefore making it available to additional groups by changing the turnover condition. It will not be so important now how much clients remit to their KB account, but they will receive the reward for any amount. In addition, for more active clients we have prepared a possibility to receive a refund of up to 100% of the monthly fee for account keeping for the MůjÚčet package, our flagship product in the Individuals segment,” says Jozef Ryšavý, Head of Marketing Planning and Price Management at Komerční banka.

Under the MojeOdměny scheme, KB refunds to its clients the fees for cash withdrawals from KB’s ATMs when they actively use their card for payment at merchants. Clients can therefore save CZK 9 for every withdrawal. Following the reduction in the fees for the prestigious gold cards in January 2011, Komerční banka adds another major advantage to these cards: it will now refund the fee for withdrawals not only from KB’s ATMs but all ATMs in the Czech Republic (the standard fee is CZK 39) to gold card holders.

KB also invests in clients’ comfort in other areas.  Users of the MojeBanka internet banking channel will now be able to take out a very attractive payment card insurance policy, and a policy covering periodical outgoings, via the internet without the need to visit a KB branch. Another forthcoming innovation, to be launched this year, will be new ATMs, which will make it possible for clients in Prague, Brno and Plzeň to deposit cash in their accounts using their payment cards even outside the branch’s opening hours. In response to clients’ demand, the range of foreign currencies in which payments to other countries can be made will be extended to include the Croatian kuna.

On 1 June, the fees for a group of transaction items where the bank’s employees usually enter the transaction in the system rather than the clients will go up. Since Komerční banka wants to continue to offer these services at the same level of quality, it will increase the fees for these items so that they better reflect the actual costs. The fee for a payment ordered on a paper form will go up to CZK 39 and for a payment ordered over the telephone to CZK 19. The fee will also reflect the cost of the printout and sending of printed account statements, where the fees will go up by CZK 5 and CZK 10, respectively, per month.

“KB traditionally offers less expensive alternatives to these services to clients for whom the price is more important. Typical examples include online transactions, standing orders, and free electronic account statements,” adds Jozef Ryšavý.

Clients can find a complete overview of changes already now, in the price list posted on Komerční banka’s website.

1)Instead of the condition applicable so far, i.e. achieving a net monthly credit turnover in the account of CZK 7,500 and CZK 15,000, respectively.