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Know your bank charges approved by Bank of Ghana

Kweku Jasper
Last updated: October 13, 2020 7:19 am
Kweku Jasper
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The term bank fees refers to any charges imposed by financial institutions on their personal and business customers for account set-up, maintenance, and minor transactional services. These fees may be charged on a one-time or ongoing basis. Examples of bank fees range from account maintenance charges, withdrawal and transfer fees, automated teller machine (ATM) fees, late payment charges, and others.

Banks charge fees for the services they provide their personal and commercial clients—and they seemingly lurk everywhere. For instance, banks charge customers fees just to have certain deposit accounts open. In other cases, they may charge service fees to conduct transactions or as penalties for things like bouncing checks. Certain fees apply to all customers across the board, while others may be waived under certain conditions. Customers who have long-standing relationships and multiple assets and liabilities with a bank may qualify for a fee waiver.

All financial institutions must be transparent about their bank fees. There is a comprehensive disclosure of the fee schedule on bank websites and in the fine print of pamphlets. Customers must carefully read and review the disclosures to avoid surprises. While competition is a natural regulator of where a bank may apply fees and how much it thinks it can get away with, government authorities such as The Investigation and Consumer Reporting Office (ICRO) of the central bank, Bank of Ghana stand by to field complaints and concerns from the public about fee-charging practices by banks.

You can bear with me that knowing the cost of transactions performed in banks is of great importance to every customer, That is the reason why the bank of Ghana makes available all fees charged by all banks operating in Ghana.

Here are lists of Cost of transactions and other services by all banks in Ghana approved by The Central Bank.

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Click the button below to download the full document.

TAGGED:bank chargesBank of GhanaCentral Bank
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ByKweku Jasper
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I am a multi talented African son growing up in a cold but hot world, where nothing is what it seems to be. I am an optimist by faith, R.N by profession, Web developer by practice, Tech preacher by decision, promoter by love, blogger by inspiration, photographer by occupation, marketer by calling, satirist by tribe, entrepreneur by origin, events manager by love, non-bias and rich by choice, illustrious by divine arrangement and Ghanaian by law. I am a Data Scientist by curiosity, ML & Al fun, a Cybersecurity advocate, SEO consultant & a UI/UX Researcher. Simply put, I am all things to all men at all times.
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