BoG must sanction banks that flout new directives on fees and charges
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BoG must sanction banks that flout new directives on fees and charges


Summary short_text

A Banking consultant, Dr. Akwasi Atuahene, has called on the Bank of Ghana to take action against financial institutions that fail to implement its new directives to stop deducting some charges and fees on the accounts of customers.

The Central Bank in a statement on Friday, June 18, 2021, directed banks and Specialized Deposit-Taking institutions to desist from implementing seven different fees and charges, and also stop engaging in some practices that do not auger well for the banking sector.

The fees and charges, and practices which are identified by the central bank as unfair include, Credit Insurance Premium Overcharges, Maintenance Fees on Savings Account, among others, Over the Counter Withdrawal Charges as well as the requirement by some banks for borrowers to make them part owners in some assets they present for use as collateral for loans.


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