Reserve Bank slashes bank charges – finally!

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The Reserve Bank of Zimbabwe (RBZ) has reportedly slashed bank charges.  This follows an outcry from depositors who felt that banks were fleecing them.  Withdrawal limits had been going down while the charges remained the same, or went up in a few cases.

The new charges are as follows:

1 percent of ATM withdrawal or

1.25 percent of Banking hall withdrawal

This means that a withdrawal of $100 will cost only $1 if drawn from an ATM and $1.25 if drawn from the banking hall.  The new charges will take effect from tomorrow (Monday) onwards.




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