BoG directive to stop charges on savings accounts challenging
BoG directive to stop charges on savings accounts challenging, Chief Executive Officer (CEO) of the Ghana Association of Bankers, John Awuah, justified the charges on savings accounts, explaining that some savings accounts are technically operated like current accounts.
“The target is not even the banking industry. It has to do with other participants in the financial system. It is, for this reason, we support largely, not entirely, the cancellation of some charges. We need to treat the customers fairly.” ‘
“Savings accounts are not meant for daily withdrawals. But, we see people link their MoMo wallets to it, use ATMs for withdrawing money from the account, etc. This makes the accounts lose their character. What the banks are saying is that, in cases where customers use accounts designated for investments as current accounts, they are to be levied accordingly. To that extent, we have a bit of a challenge,” he explained.
The Central Bank in a announcement on Friday, June 18, 2021, directed banks to desist from implementing seven different fees and charges, and also stop engaging in some practices that do not auger well for the banking sector.
The fees and charges, and practices include, Credit Insurance Premium Overcharges, Maintenance Fees on Savings Account, among others, Over the Counter (OTC) Withdrawal Charges as well as the requirement by some banks for borrowers to make them part owners in some assets they present for use as collateral for loans.
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