NO BANK CHARGES FOR CASH DEPOSITS

MBABANE – It will come as nothing but good news to bank customers to learn that effective from July 1, 2016, there will be no charges or fees for any cash deposit services.

This essentially means that banks will no longer be able to charge service fees when customers, for example, pay cash deposits of school fees.
This is according to The Regulation of Banking Fees and Charges Notice, 2016, which was issued by Central Bank Governor Majozi Sithole through a government gazette dated March 29, 2016.

According to Section 5 of the Legal Notice No.62; “The banking fees and charges for cash deposit services shall be zero (0) notwithstanding the product or type of account a customer maintains with the bank.”  The notice comes after Finance Minister Martin Dlamini, in his budget speech in February, informed Parliamentarians and the nation at large that government had requested the Central Bank to look into the issue of banking charges following the public outcry that they were high.

In his speech, Dlamini said he was happy to report that the Central Bank of Swaziland had commissioned a study to look into the issue and the findings of the study and a proposed legal notice for the regulation of charges were awaiting publication in a gazette and would be implemented this year.

The gazette has also forced all the banks in the country to only effect a penalty fee of up to E100 per defaulted transaction for a dishonoured cheque and debit order payment, which are popularly known as stop orders.

Through an SMS sent by Sithole, who is currently in Washington attending the Spring meetings of the International Monetary Fund (IMF) and World Bank, he said the notice was also meant to encourage people to keep money in the the banks instead of keeping it at home where they risked being robbed.            

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