In case you missed or you were not aware, these are some of the unwarranted, unnecessary but explorative bank charges you are subjected to if you have a bank account in Zambia.
The Bank of Zambia says its in the process of directing commercial banks to stop these thefts. We understand some banks, which we shall name later are resisting the BoZ directive.
Here is the list👇🏾
Account opening for local currency
Cash deposit made by a third party into a customer’s account
Cash deposit on Automated Teller Machine (ATM)
A charge on a basic savings account (without cheque book)
Opening within contractual terms
Transfer of an account from one branch to another branch of the same bank
Aborted ATM cash withdrawals
ATM PIN reset
Point of Sale (POS) transaction (own bank customer and other bank customers)
Activity that is generated by the bank
Additional charges arising from an initial charge generated by the bank
A charge for closure of a customer’s account
Re-activating a bank account
Statement of a closed account upon closing of the account
Balance and other account inquiries by a customer over-the-counter or my electronic platform
Over-the-counter deposits and withdrawals
Initial debit card issuance fee
Debit card maintenance and renewal fees (annually, quarterly or monthly)
monthly maintenance fees on Basic Savings Accounts (without cheque book)
Transfer of funds between account domiciled in the same bank
Inward local fund transfers, including on RTGS systems and electronic fund transfers (EFT)
Inward international funds transfer where the remitter bears the full cost
Amendment or cancellation of a standing order
Automated Teller Machine (ATM) surcharge
Ledger fees per entry on a current or savings account
Commission on turnover/debit activity fees/ledger fees
Any other charge or fee the Bank may determine.