BANK OF ZAMBIA

OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS

February 14, 2005
CB Circular No.02/2005

To: All Commercial Banks

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DISCLOSURE AND ADVERTISING OF BANK CHARGES FOR PERSONAL CURRENT ACCOUNTS AND GENERAL SERVICES

The Bank of Zambia has been receiving complaints from the public and more specifically commercial banks customers on the high fees being charged on their current accounts. As part of the process for addressing this matter, the Bank of Zambia, in accordance with section 121A(1) of the Banking and Financial Services Act (BFSA), will be collecting information from all commercial banks on the fees they are charging on personal current accounts and advertise them in the national press. Section 121A(1) of the BFSA states, “The Bank of Zambia may publish in whole or in part, at such times as it may determine any information or data furnished under this Act if the Bank of Zambia considers the publication to be of the public interest”. The disclosure of this information will enable market participants make informed decisions on choosing a bank to deal with.

Submission of information

The information will be submitted on pre-determined formats and submitted to Bank Supervision Department within five working days in January and July for the charges existing as at 31 December and 30 June, respectively. In order to facilitate quick processing of this information by the Bank of Zambia a soft copy of the format is available from the Bank Supervision Department. Please indicate the person and the e-mail address to which the format can be sent to. For the charges that were in existence as at 31 December 2004, the information should be submitted to Bank of Zambia by the end of this month.

The Bank of Zambia expects the co-operation of all the banks in this exercise for the benefit of their consumers (current and prospective) as well as the general public.

Denny H. Kalyalya (Dr)
DEPUTY GOVERNOR – OPERATIONS

Cc: Governor

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Bank Square, Cairo Road P. O. Box 30080, Lusaka, Zambia Tel: +260-1-226844 Fax: +260-1-237070 Email: dkalyaly@boz.zm Web: http://www.boz.zm/

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BANK CHARGES FOR PERSONAL CURRENT ACCOUNTS AND OTHER GENERAL SERVICES AS AT

BANK	1. Minimum Balance Required to Avoid Charges	2. Penalty on Balance Below Minimum	3. Dormant Account Fee per Month	4. Unclaimed Balances (Account Closure)	5. Fees per Withdrawal ATM	6. Drawing Against Unpaid Checks	7. Ledger Fee per Entry	8. Minimum Ledger Fees per Month	9. Periodic Statements	10. Unremitting Statement Per Year	11. ATM Statement Page	12. Duplicate Statement Fee	13. Balance Certificate	14. Statement of a Bank Account	15. Transfer of Discontinued Account	16. Transfer of Account (intra-bank)
1. African Banking Corporation Zambia Ltd
2. Bank of China Zambia Limited
3. Barclays Bank Zambia Limited
4. Standard Chartered Bank Zambia Ltd
5. Citibank Zambia Limited
6. First Alliance Bank Zambia Limited
7. Fina Zambia Bank Zambia Limited
8. Indo Zambia Bank Limited
9. Intercontinental Banking Corporation Zambia Limited
10. Investec Bank Limited
11. Stanbic Bank Zambia Limited
12. Standard Chartered Bank Zambia Plc
13. Zambia National Commercial Bank Plc

BANK	17. Unpaid Cheque - Technical Reasons (Instructions)	18. Stop Payment Order (Settling up)	19. Standing Order (Internal)	20. Standing Order Processing (External)	21. Standing Order Amendment (Internal)	22. Stop Standing Order Instructions	23. Unpaid Cheque - Payment Last (Instructions)	24. Processing Standing Order (Internal)	25. Processing Standing Order (External)	26. Bank-Cash Drafts	27. Bank-Cash Cheque Withdrawals	28. Collection of Cash (Instructions)
1. African Banking Corporation Zambia Ltd
2. Bank of China Zambia Limited
3. Barclays Bank Zambia Limited
4. Standard Chartered Bank Zambia Ltd
5. Citibank Zambia Limited
6. First Alliance Bank Zambia Limited
7. Fina Zambia Bank Zambia Limited
8. Indo Zambia Bank Limited
9. Intercontinental Banking Corporation Zambia Limited
10. Investec Bank Limited
11. Stanbic Bank Zambia Limited
12. Standard Chartered Bank Zambia Plc
13. Zambia National Commercial Bank Plc

BANK	29. Unpaid Cheque - Technical Reasons (Instructions)	30. Stop Payment Order (Settling up)	31. Standing Order (Internal)	32. Standing Order Processing (External)	33. Standing Order Amendment (Internal)	34. Stop Standing Order Instructions	35. Unpaid Cheque - Payment Last (Instructions)	36. Processing Standing Order (Internal)	37. Processing Standing Order (External)	38. Bank-Cash Drafts	39. Bank-Cash Cheque Withdrawals	40. Collection of Cash (Instructions)
1. African Banking Corporation Zambia Ltd
2. Bank of China Zambia Limited
3. Barclays Bank Zambia Limited
4. Standard Chartered Bank Zambia Ltd
5. Citibank Zambia Limited
6. First Alliance Bank Zambia Limited
7. Fina Zambia Bank Zambia Limited
8. Indo Zambia Bank Limited
9. Intercontinental Banking Corporation Zambia Limited
10. Investec Bank Limited
11. Stanbic Bank Zambia Limited
12. Standard Chartered Bank Zambia Plc
13. Zambia National Commercial Bank Plc

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BANK CHARGES FOR PERSONAL CURRENT ACCOUNTS AND OTHER GENERAL SERVICES AS AT

BANK	41. EFT / Inward Clearance Charges	42. EFT / Inward Transfer of Funds	43. Telegraphic Indebtedness Transfers (T15) per Transfer	44. Discounting of Unpaid Cheques (Clearing)	45. Urgent Transfer per Transfer	46. Mail Transfer per Transfer	47. Special Clearance (FC10 Local)	48. Inward FCY Clearing Charges	49. ZECM Cost	50. Tax Commission on 18% purchased on last load	51. Wage Processing	52. PAYE Collection	53. Bankers Cheque	54. Inward Debit Order
1. African Banking Corporation Zambia Ltd
2. Bank of China Zambia Limited
3. Barclays Bank Zambia Limited
4. Standard Chartered Bank Zambia Ltd
5. Citibank Zambia Limited
6. First Alliance Bank Zambia Limited
7. Fina Zambia Bank Zambia Limited
8. Indo Zambia Bank Limited
9. Intercontinental Banking Corporation Zambia Limited
10. Investec Bank Limited
11. Stanbic Bank Zambia Limited
12. Standard Chartered Bank Zambia Plc
13. Zambia National Commercial Bank Plc

BANK	55. Tracer's Noticeable Bills at Counter	56. Bill Payment on the Counter	57. Bills Postal / Money Order Collection	58. ATM Deposits
1. African Banking Corporation Zambia Ltd
2. Bank of China Zambia Limited
3. Barclays Bank Zambia Limited
4. Standard Chartered Bank Zambia Ltd
5. Citibank Zambia Limited
6. First Alliance Bank Zambia Limited
7. Fina Zambia Bank Zambia Limited
8. Indo Zambia Bank Limited
9. Intercontinental Banking Corporation Zambia Limited
10. Investec Bank Limited
11. Stanbic Bank Zambia Limited
12. Standard Chartered Bank Zambia Plc
13. Zambia National Commercial Bank Plc