By Twink Jones Gadama
In a move that is expected to impact bank customers across the country, a new set of bank tariffs is set to take effect on February 10, 2025. The new tariffs, which were announced recently, will see an increase in fees for various banking services, including transfers, standing orders, cheques, e-banking services, visa debit cards, visa credit cards, and ATM withdrawals.
Starting with transfers, the mobile transfer charge will now be K600, while transfers to Mo626 wallets will attract a fee of K650. Furthermore, standing orders will now incur a processing fee of K7,830, and transfers to other banks will attract a fee of K7,350 per transaction. Direct debits within the bank will cost K1,175.
In addition to these changes, the new tariffs will also see an increase in fees for cheque-related services. For instance, the bank cheque fee will now be K52,421, while cheque books will cost K24,786 for 50 leaves, K55,647 for 100 leaves, and K102,394 for 200 leaves. However, all gold and platinum account holders will receive free cheque books. Dishonoured cheques will attract a fee of K120,825.
E-banking services will also be affected by the new tariffs. The e-services fee will now be K1,700 per month, while Banknet 360 services will attract a fee of K3,300. Transaction fees to other banks will be K700, while cardless transfers will cost K1,200 per K30,000 cash out. Cash out at agent will also attract a fee of K1,200 per K30,000 cash out.
Visa debit cards will also see an increase in fees. The new instant card will cost K10,900, while the classic card will cost K13,500. Replacement cards will attract a fee of K16,100, while renewal will cost K13,500. All visa debit cards will attract an annual card fee of K6,600. Gold visa debit cards will cost K18,000, with replacement and renewal fees of K26,500 and K18,800, respectively. Platinum visa debit cards will cost K28,700, with replacement and renewal fees of K38,500 and K28,700, respectively. My fuel card will cost K23,800, with replacement and renewal fees of K29,000 and K21,400, respectively. Advance top-up fees will be K8,400.
Visa credit cards will also be affected by the new tariffs. The classic card will cost K36,963, with replacement and renewal fees of K16,800 and K16,800, respectively. All visa credit cards will attract an annual card fee of K13,950. Gold visa credit cards will cost K88,400, with replacement and renewal fees of K37,600 and K37,600, respectively. Platinum visa credit cards will cost K120,963, with replacement and renewal fees of K46,200 and K46,200, respectively. Overlimit fees will be 18% minimum of K115,000, while late payment fees will be K17,000. Credit card increase upon customer request fees will be 1% minimum of K28,000.
Lastly, ATM withdrawals will also attract new fees. Withdrawals at the bank’s ATM will be free, while withdrawals at other banks will attract a fee of K343. Local withdrawals will cost K400, while international withdrawals will attract a fee of 5%. CCTV investigation fees will be K83,916, while search fees will be K10,611. Reference letter fees will be K43,126, and bank statements will be available online for free.
The new tariffs are expected to take effect on February 10, 2025, and will likely impact bank customers across the country. While some customers may not be significantly affected by the changes, others may need to adjust their banking habits to avoid incurring additional fees. As always, it is essential for bank customers to carefully review their account statements and banking agreements to ensure they understand the new fees and charges.
