Regulatory Alerts2013-01-01
Amendment to the National Payment System Directive on Cheques and Direct Debit Instructions Issued on Insufficiently Funded Accounts
The Bank of Zambia issued Circular 19/2013 to amend the 2010 National Payment System Directives regarding penalties for insufficiently funded cheques and direct debits. The amendment requires commercial banks to remit collected penalty fees to the Zambia Electronic Clearing House Limited (ZECHL) by the sixth working day of the following month. These changes, effective September 1, 2013, also specify that fees for accounts remaining underfunded are remitted only after the customer funds the account.
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