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.
