Banks To Lower Transaction Charges

Banks To Lower Transaction Charges
Published: 2016 June 01 04:16:27 (2029 Views)
BANKS have admitted that banking charges currently prevailing are high will immediately start conversations around lowering them while Steward Bank will with effect from today halve the charges on Real Time Gross Settlement transactions.

The average charge on an RTGS is $10 while withdrawal fees are on average at $3 inside brick-and-mortar banking halls and $2-$2,50 for withdrawals done on ATMs.Barclays Bank of Zimbabwe managing director George Guvamatanga said some of the charges being levied on depositors did not make sense and go against the financial inclusion drive that the central bank was currently advocating for.

The Reserve Bank of Zimbabwe Governor Dr John Mangudya has in the past accused banks of playing a part in driving away depositors through punitive bank charges for their service and products while they do not offer meaningful interest on savings.

Guvamatanga admitted: “As a banker some of our charges do not make sense and they are actually ridiculous. I think the $10 charge for RTGS is just too much. We need to adopt a means of transacting, which is not punitive on customers.”

He was speaking at the Archdiocese of Harare Social Communications business breakfast meeting yesterday.

Steward Bank chief executive Lance Mambondiani also echoed the same sentiments saying while the use of plastic money was noble the extortionist charges by banks remain a challenge in the fight to restore confidence in the banking sector.

“Why does the RBZ charge $2,80 as residual fees on every RTGS? They have to take the lead in lowering their fees. Bank charges at the moment are extortionate and punitive for people to withdraw cash. We should start conversations around this.”

Guvamatanga also called on the RBZ to consider introducing a weekly withdrawal limit of $500, arguing that the current $1 000 per day was too high considering the average monthly deposit was at $374.

He said the $1 000 was prone to abuse from depositors.



- Herald
Tags: Banks, RBZ, bondnotes, cash, crisis, ,
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Anonymous user 2016 June 03 20:36:09
A weekly limit of 500 for someone who deposited his/her money into your bank?, now you want to be clever and tell them what, how and when to spent their money, How Dare You!!!.

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