Different consumer lobby groups have implored monetary authorities to review the point of sale charges as they say they are a rip off especially to low-income earners, The Chronicle reports.
The publication spoke to different consumer representatives who said:
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We wonder where the monetary authority is when consumers are being ripped off in broad daylight. The norm should be every time one wants money, he or she withdraws it from the bank but at the moment, banks don’t have money. While banks are failing to give consumers their money, consumers agreed to an arrangement to use their debit cards when transacting but they are now being penalised again for accepting that arrangement through exorbitant POS charges. – Comfort Muchekeza CCZ
Due to cash shortages, the public has resorted to the use of POS in paying for their goods and services, but this has now become expensive as banks have hiked significantly such charges.For example, First Capital Bank [formerly Barclays Bank] is now charging $8 for any transaction above $10 once a customer uses POS machines, while CABS is charging $3. Imagine if a customer walks into a shop and decides to buy bread currently priced at $18 then unknown to him or her there is POS extra charge of $8. Effectively, the customer would have paid $26 to purchase a loaf of bread – George Nhapera Financial Market Analyst
We must not forget that people aretaking home very little disposable incomesbecause of the weakening currency and therising cost of living as well, and from the little that they have, it means banks end up sharing half to half with the consumers who are doing transactions. We believe that the Central Bankshould intervene and ensure that whateverbanks are charging is profitable but not profiteering.As I’m giving an illustration if you do five transactions of $20 each and you are paying $8 per purchase it means $40 in a $100 purchase that is almost half of what you transacted going to the bank- CRA Mr Effie Ncube
More: The Chronicle