List of predatory bank charges in Zambia

List of predatory bank charges in Zambia

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.

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