Bank charges reduced to 1% of withdrawal amount, by RBZ directive
Bank charges have now been reduced to 1% for ATM withdrawals and 1.25% for over the counter withdrawals. The new bank charges were announced by the RBZ yesterday.
This follows the circulation of messages on social media complaining of the high bank charges that saw some bank customers charged as much as $3 for withdrawing $50 0ver the counter.
RBZ governor John Mangudya said in a statement yesterday:
In order to align cash withdrawal charges to amount withdrawn, a proportional pricing model has been adopted to replace the current fixed charges. The applicable charges for cash withdrawal is a maximum of 1 percent and 1.25 percent of amount withdrawn from an ATM and over — the counter, respectively as indicated below.
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