Banks charging US$20 as fees on foreign currency accounts?

Reports have emerged that some commercial banks in the country have begun charging up to US$20 as fees on foreign accounts.

This was evident after some customers received emails and text messages informing them of the new charges from their various financial institutions.

According to a report filed by Citi Business News, "some dollar account holders have been charged a $5 fee for balances exceeding $100."

These charges, the news portal said, are in addition to the existing 3% charge on withdrawals.

It will be recalled that in July this year, some commercial banks entreated customers to close their foreign currency savings accounts and move to e-wallets or foreign current accounts.

This followed the Bank of Ghana's decision to raise the Cash Reserve Ratio, requiring banks to hold a larger portion of their foreign exchange reserves in cedis.

The move, was however, met with agitations from customers as they believed that the value of their savings will depreciate if changed to the local currency - Cedi.

The Ghana Association of Banks is yet to respond on this new development of charging US$20 as fees on foreign currency accounts.

SA/MA

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