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How your bank charges you for processing your salary

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As at the end of December last year some banks in the country charged no fee for some major services, while other services attracted substantial fees.

Getting your personal salary processed in some banks in the country would have cost you as high as GHC 24 cedis, while others would have charged you nothing as salary processing fee.

Available figures from the Bank of Ghana indicate that UBA, Bank of Africa and OMNIBANK charged some of the highest salary processing fees in the Banking Sector as at the end of 2018.

According to the figures, which were published by the central bank to promote transparency in the provision of banking services, whereas customers of UBA got their salaries processed for free, external customers were charged GHC 24 Cedis for the processing of their salaries.

Customers of Bank of Africa also enjoyed no charge for the processing of their salaries.

External customers on the other hand were charged GHC 20 Ghana Cedis for the processing of their salaries.

OmniBank which has been merged with Sahel Sahara Bank  to form one entity charged a salary processing fee of GHC 5 Ghana Cedis for salaries processed through the Automated Clearing House and GHC 20 Cedis for salaries cleared through the Ghana Interbank Settlement System.

Relative to the above charges, banks like BSIS, GT Bank, Consolidated Bank and GHL Bank charged moderate fees.

Whereas internal customers of Sahel Sahara bank GT Bank and GHL Bank all got their salaries processed for free external customers were charged GHC 5 cedis as salary processing fee. Consolidated Bank on the other hand charged GHC 5 Cedis for all salaries processed.

So which banks charge the least for the for the processing of salaries in the banking industry according to the data from the Bank of Ghana ?

Names of Banks like ADB, Access, Barclays, Societe General and Stanbic show up. Banks like ADB, Societe General and Stanbic Bank all charged nothing to process salary for internal customers but charged GHC 3, GHC 4 and GHC 2 respectively to process salaries for external customers as at the end of December 2018.

One bank out of the lot according to the data from the Bank of Ghana charges nothing for the processing of salaries for both internal and external customers as at the end of 2018, and that is Standard Chartered Bank.

By: Bobbie Osei/citibusinessnews.com/Ghana

 


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