Maravi

BOZ advert on bank charges

BOZ advert on bank charges
By Eustace Chamulonde
Thu 01 Sep. 2011, 12:00 CAT

Editor,

It seems there is a problem of institutions being out of touch with reality in our country right now. For I do not see how the Bank of Zambia (BOZ) can proudly publish an advertisment in the national dailies outlining bank charges on various services offered by commercial banks which is very far from what is obtaining on the ground.

If you ask anyone in Zambia accessing banking services, they will allude to the various many hidden costs that banks will sneak into one's account without warning or consultation.

Some of the common ones but not the exhaustive list being; a charge on drawing above a certain amount from one's account, or being charged for conducting above a certain number of withdrawals from one's account.

Surely, if I may ask, do we not keep money in the bank for security reasons and to be able to access it at our convenience?

If the logical answer to that is yes, why then should the banks limit one's access to their money in terms of amount and times they have to withdraw it from the bank.

I urge BOZ staff in charge of commercial banks supervision to go out and get the real charges banks are subjecting us to and not issue advertisements that are out of touch with reality.

Or could it be that they are so comfortable salary wise that a charge of K140,000 lumped to their statements in retrospective charges does not mean anything to them?

Labels: BANK OF ZAMBIA, BANKING

posted by MrK @ 3:17 PM