Regulatory Alerts2005-02-14
Added · Updated
Disclosure and Advertising of Bank Charges
The Bank of Zambia mandates all commercial banks to submit standardized data on fees for personal current accounts and general services to address public complaints regarding high charges. Banks must deliver these submissions to the Bank Supervision Department by the end of January and July each year, covering charges effective as of December 31 and June 30. The regulator will subsequently publish the collected fee information in the national press, enabling consumers and market participants to compare costs and make informed banking decisions.
BANK OF ZAMBIA
OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
February 14, 2005
CB Circular No.02/2005
To: All Commercial Banks
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
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/
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 |
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 |
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