A new survey by the Financial Sector Deepening (FSD) Kenya has revealed the highest and lowest bank account maintenance and transaction fees among the 11 top banks in the country.
The study was conducted over two years and took a keen interest in maintenance fees charged for a total of 22 different current and salary accounts in each bank.
The Co-operative Bank of Kenya emerged as the most pocket-friendly bank as it levies customers Sh302 per month translating to Sh3,629 a year.
On the other hand, Standard Chartered Bank emerged as the most expensive among the 11 sampled financial institutions with a yearly running cost of Sh13,460 or an average of Sh1,120 per month.
Maintenance fees are categorised as ledger fees, mini-statements and ATM card replacement fees.
"A customer who withdraws twice per month, transfers money once a month and pays for basic account maintenance can pay between Sh3,629 to Sh13,460," said FSD in its annual report.
The researchers conveyed that the banks were not forthcoming with the information as some staff gave advice based on their subjective assessment of the inquirer.
Customers were advised on the type of account to open based on their (customer’s) source and level of income rather than need.
Here is an infographic of the survey courtesy of the Business Daily.
[caption caption="Infographic showing the maximum and minimum account maintenance charges in Kenya"]
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