Mahere Wins Forces RBZ To Reduce Bank Charges

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Staff Reporter | Advocate Fadzayi Mahere has once again scored a big win against Reserve Bank governor John Mangudya forcing him to work at reducing bank charges and withdrawal fees.

Mahere raised a stinker as she connected with other legal minds to sue banks over the following issues;

A. The grossly unreasonable, extortionate bank charges;
B. The irrational, arbitrary and capricious withdrawal limits; and
C. Various breaches of contract and common law principles of banking by the banks including the imposition of bond notes in what are supposed to be foreign currency accounts and the inability to honour international payments.

In an urgent response through the state media the Reserve Bank of Zimbabwe (RBZ) claimed that it is working on reducing bank charges and withdrawal fees in response to a national outcry from the transacting public. Due to the persistent cash shortages in the economy, banks have continually reduced the maximum withdrawal limits from about $200 in June to as low as $40 presently. However, charges levied on bank transactions remain the same and are not proportional to the reduced withdrawal limits.

Depositors have accused banks of “robbing” them of their hard-earned money through repeat charges levied on a series of withdrawals. RBZ Governor Dr John Mangudya (pictured) said yesterday that the central bank was aware of the issue and would soon announce measures to protect depositors.

 “Indeed, we are working on reducing the bank charges to ensure that banking services are not punitive and that they promote financial inclusion,” he said. Dr Mangudya would not be drawn into giving details about the new measures, which he said would be finalised next week.

Banks have been making a killing from the banking public for the past few months and depositors have appealed to the Government for protection. Desperate depositors continue to flood banking halls to withdraw their cash despite its shortage and numerous charges. Some depositors are spending nights in queues.

A snap survey conducted by The Chronicle yesterday revealed that for one to withdraw $75, which is made up of $50 and $25 in bond notes, they have to part with $5,50. This is in addition to monthly service charges of $5 or more.

The public has called for the crafting of a law that compels banks to deduct charges only once and allow people to withdraw their salaries without being charged on ensuing transactions.

Bank charges were last revised in June when Dr Mangudya set the maximum Real Time Gross Settlement charge at $5 from $10 while Automated Teller Machine charges did not change at $2,50.

Electronic funds transfer presently attracts a minimum fee of 33 cents and a maximum of $2,10, while a Point of Sale transaction of up to $10 attracts a charge of 10 cents, and transactions above $10 will be charged 45 cents, a reduction from $2,50.

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  • Mattafact

    Not only must they reduce these bank charges. They must also credit them back to our accounts

  • sindoooraaniket

    I second that as well.

  • Tafirenyika

    A credit where it is not due. This Mahere slut is an empty head!!!

  • hozhwa

    Why do you hate her so much?
    You dont even know her.

  • Tafirenyika

    Firstly, I abhor her because she almost destroyed an innocent woman’s marriage. Secondly, she always puts a veneer of intelligence, when she is miserably hollow.

  • hozhwa

    Ok. Noted.
    Your first one is a story yet untold.
    The second one, you dont get to be an advocate and give lectures to the likes of Jonso on an empty head.

  • Tafirenyika

    A story untold, my foot! Who does not that you almost snatched a husband of this woman who was working or is still working for the UN?

    There is practically nothing special about being an advocate. I believe you always wanted to pretend to be the best when you do not actually measure up to that.

    Regarding being a ‘lecturer’, who does not know your closeness to the dean of the faculty of law, Magade? You must not be even tutoring because you are not a holder of a PhD and your Master’s degree was procured through hook and crook in the UK. With due respect, stop this chicken shit because I will expose more about you.

  • hozhwa

    You give me too much credit..I am not Mahere.
    If you check my other posts they are not even legally inclined and more streetwise.

  • Tafirenyika

    As if anything I have been writing about her exudes credit!!

  • Team Lacoste

    Vamwe vanhu so!