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 ?
Bank charges have ruined many lives, as they were designed to be tough to repay, leaving people to accrue charges on top of charges.
One of the highest charges shouldered by customers are for debit card transactions abroad, which are often far above official exchange rates and is actually in violation of the guide to bank charges monitored by the Central Bank of Nigeria (CBN).
The Reserve Bank of Zimbabwe (RBZ) has announced that it has cut bank charges.
Speaking after a meeting of the House Commerce committee, its chairman Zacharias Zechariou said the bill on bank charges "creates a framework of trust between the banking system and the borrower by calculating the interest payment of loans at 365 days instead of "the previously followed technique, which was at 360 days".
Ibrahim Muazu, Director, Corporate Communications has inked the statement stated that the apex bank would depend on the Revised Guide to Bank Charges which clearly specifies allowable charges for all banking services.
I raised the request to refund the bank charges on November 7, 2015 at the Dubai Mall branch.
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.
If they collect bill money for service provided to the consumers themselves, or through their banks they should pay the bank charges and this money should not be extorted from the consumers.
Throughout the process of financial intermediation, bank charges play an important part in defining efficient financial intermediation in the financial system.
2 percent increase in 2012 from a year earlier - bank charges received from customer transactions made up a considerable part of this at 14.