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Bianca Mlilo, Business Reporter
DEPOSITORS have heaved a sigh of relief after the Reserve Bank of Zimbabwe (RBZ) reduced withdrawal fees charged by banks in response to a public outcry.
The central bank announced on Sunday the immediate slashing of withdrawal charges as part of measures to protect the banking public who felt they were being taken advantage of by profit-seeking financial institutions.
At a time when the country is facing United States dollar cash shortages, banks have reduced daily withdrawal limits to average $40 but continued to bill depositors per transaction.
The new charges have been put at one percent of an amount withdrawn at an automated teller machine (ATM) and 1,25 percent for withdrawals over the counter.
The new charges are as follows: $20-20cents (ATM), 25c (over the counter), $50 (ATM) 50 cents (over the counter) 63c and $100 (ATM) $1 (over the counter) $1.25.
A transaction of $500 will attract a fee of $5 only.
Speaking in separate interviews as they queued at banks in central Bulawayo yesterday, depositors said the RBZ intervention was long overdue.
Mr Mkhululi Ncube said while he welcomed the central bank’s move, it had come a little too late because banks had already made huge profits from the depositors’ misery.
“As it is, banks have already ripped us off and made millions in profits since withdrawal limits were set. Going forward we would like to see the RBZ being proactive by taking action before people complain,” he said.
Mrs Siphiwe Banda, a primary school teacher said the move was long overdue as she commended the central bank for a job well done.
“We would also like to see withdrawal limits being pushed up so that we spend less time at banks and even less money on costs like transport and withdrawal fees while in pursuit of cash,” she said.
Miss Buhle Chauke said: “We thank the RBZ for reducing bank charges and we also want to ask Dr Mangudya to review the real time gross settlement (RTGS) charges. My bank charges $5 per transaction so I feel it also needs to be revised.”
Mr Clement Manjonjo said while the move was commendable, the central bank still had to reduce the charges to less than one percent cost per transaction.
“If you calculate the ratio between the withdrawal amount and fee you will see that it is still high. Bank charges should be below one percent of the transaction,” he said.
Depositors also called for a review of monthly service charges and interest rates charged by banks on loans.
They alleged that banks were deliberately overcharging clients, knowing that most people had no option but to hold bank accounts.
“I hold an account with a certain bank and every month a service fee is deducted from my salary. On top of that withdrawal fees are levied on all transactions. At the end of the day it seems my job is to make money for the bank,” said Ms Daisy Mugoni.
@BiancaMlilo
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