Isle of Man Bank charity charges put on hold for a year

The new charges had been due to come into force on 29 May

The introduction of basic banking charges for charities has been put on hold for a year, Isle of Man Bank has said.

Plans to charge not-for-profit groups £120 a year to hold an account and increase transaction fees were criticised in Tynwald in April.

A spokesman for the bank said the fees had been "suspended" to allow customers to "adjust" to using digital services.

All other fee increases will be implemented on 29 May as planned.

Juan Watterson SHK, who criticised the bank at the April sitting of Tynwald, said the deferral was a "short term reprieve", but the longer term issue of charging charities was "yet to be resolved".

"I hope that this is the start of a journey, but I still think that there's some way to go on this," he added.

The bank spokesman said although the majority of customers were now using online services, a "sizeable minority" had indicated a need for "more time to get there as they emerge from the pandemic".

"We are committed to supporting the government's wider strategy of digital adoption, but recognise the need to balance technological adoption with the capacity of society and people to adjust," he added.