While several commercial banks in Malawi are hiking their already exorbitant fees they charge customers to accommodate the recent introduced Value Added Tax (VAT), FDH has taken a bold step by downgrading its fees on the same ‘non-banking’ services and even scrapped off some of the charges.
FDH has removed the K350 service fee which was charged for any bill payment and now customers will not be deducted any fee for making bill using FDH.
Some of the reduced fees include ATS Inter-Bank Transfer from K18,500 to K11,600, ATS after 3PM from K39,000 to K17,500, Bank Cheque from K29,000 to K25,000 and special clearance from K98,500 to K85,000.
Other fees include ATM pin reset from K2,200 to K1,165, mini-statement per page from K4,950 to K1,200. Account history from K5,900 to K2,300 and Mastercard Standard Renewal from K6,500 to K5,8850.
Malawians on social media have expressed excitement over the reduced fees and some have vowed to open accounts with the bank.
“Only FDH Bank have lower charges on services and most of them are free. No need to worry about V.A.T. let’s all migrate,” said social media user Mercy Chirwa.
“Best bank in Malawi,” commented another social media user on the bank’s Facebook page.
Bankers Association of Malawi recently announced the introduction of Value Added Tax (VAT) on most of their services following the amendment of VAT law by the Malawi Parliament.
Commercial banks in Malawi excluding FDH are making huge profits annually through exorbitant service charges to poor malawians and celebrating with such profits on radios and other social media while it’s poor customers are being pushed deeper into poverty,,they only need to be called economic masters through dubious charges in their services,,,VAT meant for the charges which they were collecting from their poor customers yet they chose to transfer this payment to poor malawians which they were supposed to pay as bank,,one day Malawi will be blessed with a leader who will think and support poor malawians who are being betrayed by their commercial banks,,,pukutani misonzi amalawi coz God is watching coz even our present leaders have put a blind eye on this simply because their stomach and cronies are enjoying……..shame….