Friday, March 29, 2024

Barclays removes ATM withdrawal charges

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BARCLAYS Bank has stopped charging fees when its customers withdraw money using automated teller machines (ATM).

Managing director Saviour Chibiya announced the development on March 22 during a media breakfast at
Greek Olive club in Kitwe.

“We have decided to stop charging our customers when they are withdrawing their monies using ATMs.

Our customers will now be withdrawing their money using ATMs for free starting next month,” Mr Chibiya said.

He said the bank was merely responding to the cries of customers who requested the bank to consider waiving the service charges.

“We are a listening bank and what we have done is respond to our customers who talked to us questioning why we can’t stop charging them when they are withdrawing their money from ATMs.

As Barclays Bank we believe that we have led the way and we expect other banks in Zambia to do the same,” he said.

Mr Chibiya said the bank is investing heavily in technology, a move aimed at improving its services.

He said the bank will continue working with its customers in meeting their needs and is committed to modernising its operations.

“We have the largest network countrywide, we have 55 branches countrywide.

We have increased our sales terminal points to about 1,100 countrywide,” he said.

Mr Chibiya also said the Copperbelt Province plays an important role in the economic development of the country and will continue driving Zambia’s economy for many years.

He, however, said that his bank believes there is need to diversify the economy and called on other sectors to rise to the challenge.

Mr Chibiya said the bank is taking its services closer to the people and it will continue rolling its new services to the public.

“We will continue implementing policies that are aimed at improving our operations. We are investing in infrastructure and will continue doing what is best for our customers,” he said.

[Zambia Daily Mail]

34 COMMENTS

  1. #1 Well that is the reality my dear here in Africa. Even here in South Africa, all the big four banks charge you for getting your money even after they have used your money to generate lucrative profits from loaning to people. It is sad indeed and I hope Barclays extends this move to their subsidiary ABSA so we get some serious competitive banking down here

  2. Bravo Barclays!
    Indeed there is no need to let people pay charges when withdrawing money from ATM machines, as they are already paying the Bank a monthly service charge. So they Bank was in actual fact making multiple charges. Nway, good show!

  3. This is a positive development and I just hope other banks will take a leaf from this in order to remain competitive

  4. As BB we believe that we have led the way and we expect other banks to do the same.What role then
    does BOZ play in regulating these banks who have been charging customers for withdrawing there own
    money using teller machines?.

  5. #9. Forget about Bank of Zambia. BOZ is essentially a useless institution. BOZ has basically surrendered its functions to the commercial banks. Fundanga is supposed to be setting interests rates every quarter. This is the rate at which banks borrow from BOZ. Logically commercial banks are supposed to set the rate at which the public borrows from them at not more than 3 percentage points at which they borrow from BOZ..This what happens in civilised countries like Ghana and Botswana. All Fundanga does is to announce how much copper has been produced in each quarter. He should leave this to the Ministry concerned or the Chamber of mines. His remit is monetary policy for God’s sake!

  6. What we should realise is that Barclays has transferred that charge to other charges like monthly account charges. A bank will never please its customers through reductions of service charges. Abnormal profits are made by banks. Because of VAT on bank charges introduced in 2011 budget, they have seem that it will be costly to account for such small transactions hence increasing their charges elsewhere they think it will be cheaper. Viva SATA

  7. This is blind folding and cheating people, the charge has been incorparated in the monthly service charge or to some other charges so there is nothing to smile about. People should work up and check their statements regularly because these banks deceive. Dont think customers are foolish be serious and dont mock your customers Barclays just enjoy your stealing.

  8. I hope other banks will follow.

    The arrogance with which banks charge fees to get at your own money (after paying 0% interest on savings or 2% at best) while lending that money out for 17% and at the same time charging statement fees, etc. etc, is nothing short of usury!

    Truly, the only banks I like are the banks of the Zambezi river!

  9. Well, well, well, this is a good move . Now BB where you are not fair is on loans. Why do you claim or get charges more than 50% when one gets a loan? You are stealing from Zambian. This time on, i will not get any loan from you unless you re-visit this and come up with better charges. Thank you.

  10. With the government that sides with infestors/exploiters, I see already 13 blogers on this blog already misled. But again there is nothing new from Zambians not realizing such. Can you for example explain why Celtel those days and Telecel were selling SIM cards at K200,000 plus while today they are all giving them up for free? What has change in the price of manufacturing a SIM.go to todays Post page 3 bottom left you see Barklays advert saying there are revising their Tariffs beginning 15 April in the same month they are “scrapping” ATM fees. The chances are we will even start paying more fees in total as compared to days when we paid ATM fees. Most Zambian are brain washed by the MMD government. To start clearing yr brain start by NOT watching ZNBC, then ask for yr TV license fees back

  11. No 19, I already tried that about my TV license fee. Unfortunately ZESCO slapped this on my bill so wasn’t going to get electricity to watch any TV if I didn’t pay.

    Always the fine print, huh?

  12. #19 That is a point on SIM cards. I was told I had to replace my Zamcell SIM for me to get the Zain menu or such at a fee of K5,000. Yet I bought it at K120,000 so why should I buy another SIM yet my number is working well. Regulation of our institutions is not there.

  13. To every move, there is a motive behind. Let it be a good motive as you have shown. Please do not recover these costs from monthly charges or introducing other funny charges. In short I salute you for the move made but should i see an increase in other charges, then my conlusion would be that you are just pathetic. Viva BB

  14. Barclays (Bank Less) is the bigest thief among Banks in Zambia. They also charge a fee of K40,000 monthly on business current accounts (they call it Ledger Fees) which they do not do in their home country. Talk about the cost of doing business in Zambia! They really know how to milk the poor in third world countries. I had to close my acct at Kitwe’s City Square Branch and put the money in a savings acct at Zanaco.

  15. This is an area where I think govt could do a lot more to ensure that bank fees do not burden the economy. As I said above, the spread between savings and lending rates are usurious and therefore cripple our chances for economic development. Banks have an important role to play in this country’s development but from what I can see they are doing very little – apart from buying T-bills and maybe putting up their banner and some balloons at an HIV awareness fair or something like that.

  16. Banks are economic parasites thats the end of the matter. As someone has already said, these fees have simply been moved to other charges. We simply have no escape from exploitation.

  17. Agreed this Fundanga guy does not inspire at all. I wonder why they have kept him so long. He surely needs to go. He is a let down. How does a commercial bank lead instead of BOZ to be regulating some of these issues.

  18. Barclays Bank, which has existed since the pre-indepence era, is one of the oldest banks in Zambia. The Bank has remained stable in times of economic global ripples.Tha bank’s responce to the plight of its customers is commendable. We are aware that some banks that got established in this country during the post-indepence period are known to charge commission fees for depositors. Let’s be fair to Barclays.

  19. Those fees should not have been there in the first place. How can your own bank charge you for withdrawing your own money. Ukushishita ama zambians.

  20. They must also stop charging those ridiculous fees for internet banking. Also Zanaco must stop charging for depositing cash in accounts held in another branch, thats is exploitation of the worst kind.

  21. Istill think your system is not the best, how come you took 1.2 million from me for using your atm…huh.am out.

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