Bank Charge

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Bank Charge

Any fee that a bank assesses on an account. An example of a bank charge is a monthly or annual fee for the privilege of maintaining an account. Other bank charges include overdraft fees (which are placed on a checking account when a holder withdraws more money than he/she has) and inactivity fees (which occur when a holder does not conduct a transaction for a certain period of time). Bank charges form a significant portion of banks' revenue.
References in periodicals archive ?
Britain's competition watchdog is expected to call for clearer bank charges, according to Reuters.
New UK customers can claim back hidden bank charges from one transaction completed in the three months prior to the date when they transfer again with TransferWise.
However, rumours of the death of bank charges reclaiming have been exaggerated.
It said that the authority received many complaints in 2013 against collection of bank charges from the consumers.
For example, HDFC Bank charges Rs 350 for every rejection in a quarter.
However, if you are or have been hit, do remember reports of the death of reclaiming unfair bank charges have been exaggerated.
They said the contract between a service provider and his bank to collect bills is the contract between these two parties and consumers are not a party to this contract and hence it is illegal to extort bank charges for bill payment from the consumers.
The bank charges I've been charged in the past get me overdrawn again the following month.
to call for more transparency around bank charges to help customers choose the right account.
Speaking to bankers at the Reserve Bank in a meeting which was attended by the central bank governor Gideon Gono and his board, acting Finance Minister (FinMin), Gorden Moyo, warned banks on the issue of high lending interest rates and bank charges.
Fixed bank charges and fees will be fixed and applied to all banks in the country.
Summary: The Government has moved a step closer to fulfilling its coalition commitment to end unfair bank charges.