RBZ slashes bank withdrawal charges

The Reserve Bank of Zimbabwe (RBZ) has slashed cash withdrawal charges, instructing banks to stop charging flat fees for every withdrawal.

Banks are now supposed to charge a maximum of 1 percent and 1,25 percent of amount withdrawn for ATM and over the counter transactions respectively.

This means that the transacting public will now be charged at most US$1 for US$100 withdrawn from the ATM no matter how many times one takes to withdraw it.

The development comes after the public outcry that banks continued to levy flat fees for withdrawals despite the reduction in withdrawal limits.

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