Why Bank Accounts Are Hard To Close

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By Daniel Sabiiti

There a number Rwandans who are sick of their banks hitting them with unreasonable fees, closing the account may seem like an obvious solution.

Sources indicate that local commercial banks are charging unexplained fees on any former client who intends to close their accounts, a move which the National Bank of Rwanda governor, John Rwangombwa labels as illegal.

Reliable bank sources reveal that some of the local banks are charging about Rwf 5,500 per account that was opened and intends to be closed down for whatever reason.

It could cost you as much as Rwf10.000. A row is going on between banks and their clients over charges levied on closure of bank accounts.

 

However, some of the clients say no explanation for the charges and reasons behind closing one’s account.

“I have asked Cogebank to close my two inactive accounts but they are charging more than Rwf10.000 yet these accounts” one of the clients said on condition of anonymity.

Some of the bank staff who spoke to Kigali Today.com revealed that some of their directives include charging money on accounts as long as there are remaining deposits, and placing account operation charges on accounts in minus balance.

Even with this activities going on, we (Banks) have not received any directives not to charge these fees. We are yet to get an official communication for the central bank” said a banker on condition of anonymity.

This row comes at a time when the central bank last year revealed that sums of undisclosed amounts of client’s deposits were laying idle in many commercial banks and proposed an idea of retrieving the funds into government coffers therein.

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