RBZ cuts bank withdrawal fees

RBZ cuts bank withdrawal fees

HARARE, December 12 (The Source) – The Reserve Bank of Zimbabwe (RBZ) has ordered a reduction in bank withdrawal fees, which will see the charges come down to a maximum of 1 percent and 1.25 percent of amount withdrawn for ATM and over-the counter transactions, respectively.

In a statement the central bank said it would with effect from today do away with the current system of fixed charges and align cash withdrawal charges to amount withdrawn.

Previously ATM withdrawals would attract a maximum of $2,50 per transaction while over-the- counter withdrawal charges would go to as much as $5,50 without taking into account the amount withdrawn.

The fixed charges have particularly become expensive at a time the country is facing a cash shortage, which has seen some banks limiting daily withdrawals to as low as $20.

“The Reserve Bank has noted that while cash withdrawal limits have reduced significantly during the second half of 2016, there has not been a proportionate reduction in the level of bank charges,” the statement reads.

“Against this background and as part of the on-going efforts to promote financial inclusion and to ensure that banking products and services are affordable to the banking public, the Reserve Bank has reviewed cash withdrawal charges downwards with effect from 12 December 2016”.