Isle of Man Bank is delaying the introduction of fees for Manx charities, clubs and societies.

The much-criticised plans would see the bank impose monthly charges for account maintenance, and an increase in fees for cheque deposits.

The changes were due to come into effect in June.

However, the bank is suspending the plans, for a second time, due to the current financial climate, and has cited Covid-19 and rising inflation as factors which influenced the decision.

Last year, the bank delayed the plans after one MHK accused it of being ’so focused on profit and so neglectful of Manx society that it no longer seem worthy of its name’.

From May 29, 2021, the cost of monthly account maintenance was to increase by £10 with higher charges for depositing cheques in person instead of online.

In April 2021, Tynwald approved a motion calling for Treasury to draft legislation to make basic banking services free of charge for registered charities and not-for-profit clubs and associations.

Subsequently, the bank, which is part of the NatWest group, put its increased charges on hold until this year.

A new date for the changes has not been confirmed.

David Cretney writes about this issue in next week’s Isle of Man Examiner, out on Tuesday, March 8.