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According to NewsDay, “Following public outcry over high service charges, the Reserve Bank of Zimbabwe (RBZ) and banking institutions signed a memorandum of understanding (MOU), which provides guidelines for the determination of interest rate margins and bank charges.”

From the article:

Banks are now required to pay an interest of 4% for time deposits of $1 000 and above held over a period of at least 30 days.

The MOU also requires that lending rates at banks be subject to a maximum rate of more than 12,5% above each respective bank’s weighted average cost of funds.

Under this arrangement, banks will, with effect from today, charge up to 0,5% of cash withdrawal amount subject to minimum charge of $2,50 while ledger fees, maintenance and service fees will cost up to $4 per account.

It’s about time someone cracked the whip on these banks.

*Click the image above for a full listing of bank charges