The Central Bank released the latest report of a Kenya bank charges survey (PDF)
– It’s a good read, which may lead account holders to check their statement and shop around for cheaper banks. However many account holders get one or two statements a year at most, so this may not be useful to them
– Also, though some banks score good points for low charges there are other aspects to customer – service to be considered in the choice of where to bank.
– One flaw in the survey is that it assumes that the banking act is applied and that no charges are levied on savings accounts – I’m yet to see a bank that does not
– This years’ survey acknowledged bundled or flat fee accounts such as Move (from NIC) X from (Stanchart), Bouquet (Barclays), and Open (D-Trust)
– Customer who take loans calculated using the flat rate method end up paying more than the reducing balance method
– The final table shows a growing list of bank automated teller machines (ATM) which are being established for customers to use. But if there are 3 ATM’s next to each other at Nakumatt Junction, 3 next to each other at Kenyatta Hospital and 6 at the international arrivals terminal of JKIA, the spread is not very useful.