Unfair charges, fees should be abolished-BoG to banks, SDIs
According to the Bank of Ghana, these practices are unfair and impact negatively on the financial inclusion agenda of the country.
The Bank of Ghana(BoG) has directed banks and Specialized Deposit-Taking Institutions(SDIs) in the country to desist from the practice where they impose certain charges on customers.
According to the Bank of Ghana, these practices are unfair and impact negatively on the financial inclusion agenda of the country.
“These practices are deemed to be unfair, inappropriate and detrimental to the financial inclusion agenda and the protection of customers’ interest”.
The above was contained in a statement released by the Bank of Ghana on June 17, 2021, titled, “NOTICE TO BANKS AND SPECIALIZED DEPOSIT-TAKING INSTITUTIONS(SDIs)”, and signed by the secretary, Ms. Sandra Thompson.
The statement notes that the Bank of Ghana, per its mandate to deal with unlawful or improper practices of banks and SDIs under section 3 of the Banks and Specialized Deposit-Taking Institutions Act, 2016(Act 930), is urging the Banks and SDIs to abolish;
Credit Insurance Premium Overcharges, Maintenance Fees on savings Account, Over the Counter(OTC) Withdrawal Charges, Change of Ownership of Collateral Documents, Application of interest on Penal Charges, Quotation of monthly interest Rates on Credit Facilities and Third Party Deposit/Withdrawal Violations.
It ends by urging all banks and SDIs to ensure that depositors sign on deposit slips at all times.
