Charges on ATM are split into 3: charges on issuing, withdrawal and ATM card maintenance A report chronicling various charges on products and services offered by banks in the country has presented a mixed picture of ATM charges by the banks.
The report – Survey of Bank Charges, March 31st, 2019 conducted by the Financial Stability Department of the Bank of Ghana covers the 23 banks operating in the country.
In January this year, the Bank of Ghana released a report chronicling developments in this space. This is the most comprehensive since the banking sector reforms were implemented and thus covers banks such as Consolidated Bank and the merged OmniBsic.
The report covers charges from current accounts, savings accounts, cheque book charges including what is paid by customers as fees on various charges when it comes to taking a loan.
Charges on ATM are split into 3; charges on issuing, charges on cash withdrawal at a bank’s own ATM and ATM card maintenance per month.
From the report, in issuing an ATM card, some Banks go as high as GHC 50 in issuing an ATM card, some also issue based on whether your account is a current account or savings account while some also issue based on the type of card you want with each having different withdrawal limits and other features.
Currently, if a bank should issue an ATM card, you should be prepared to pay between GHC 0 and the highest being GHC 50.
If you were withdrawing your own cash at the ATM you would imagine it will be for free right?
According to the data, a bank like Prudential will charge GH¢ 0.25- GH¢0.40 on cash withdrawal at the Bank’s own ATM, NIB goes up to GH¢0.50 with Zenith Bank charging GH¢1 for VISA and MASTER CARDS and GHC 0.18 for PROPRIETARY CARDS.
In maintaining an ATM card, be prepared to pay GH¢ 2.5 per month with CAL Bank and as high GH¢15 per month for STANDARD CHARTERED, GH¢15-20 a quarter for STANBIC Bank.
Minimum balance Another interesting feature of the report is the figures on minimum operating balance banks ensure customers maintain. On average, if a customer wants to maintain a fully function savings account, he or she may need between GHC 0 which is the lowest and as high as GHC 200.A minimum operating balance is what must be left in the account regardless of what you may withdraw. You cannot draw […]
