Barclays Bank Zimbabwe to reimburse customers for overcharging

Barclays Bank Zimbabwe will reimburse customers who were charged previous transaction rates from December 12, as the bank is now compliant with a directive by the Reserve Bank of Zimbabwe for a downward review of charges.

The bank said the delay in compliance was due to a system delay in the incorporation of new charging structures which resulted in some customers being charged the previous withdrawal rates on December 12 and 13.

"Barclays Bank Zimbabwe would like to assure all their valued customers, clients and stakeholders that the bank is compliant with the Press statement issued by the Reserve Bank of Zimbabwe on the reduction of cash withdrawal charges dated December 12, 2016.

"The bank experienced a slight system delay due to the incorporation of new charging structures which resulted in some customers being charged the previous withdrawal rates on and December 12 and 13, 2016.

"We can confirm that this system change has since been implemented. Any inconvenience caused to our customers is sincerely regretted," Barclays said in a statement yesterday.

The RBZ slashed bank cash withdrawal charges following the reduction in cash withdrawal limits. The new charges were capped at 1 percent of an amount withdrawn at an Automated Teller Machine and 1,25 percent for withdrawals over the counter. The apex bank said the reduction in bank charges was part of the financial inclusion adopted by Government.

At the beginning of June 2016, Barclays was the first bank to propose and introduce a weekly withdrawal limit that enabled depositors to pay a single withdrawal fee, as opposed to a daily limit which attracts multiple withdrawal fees.