The case against hidden bank charges


In Kenya, many are the times clients are not specifically advised on all the requirements, especially the charges that might be levied at the bank for various transactions. There are numerous cases and stories of disgruntled clients who are unhappy about the fact they were never informed about certain hidden charges when applying for a loan facility, when opening an account or when getting certain personalized services on their accounts like sending money through EFT, getting money against uncleared effects or simply withdrawing money through the counter.

However you look at it, it has never been to any banking institution’s advantage to keep any hidden charges. When clients get to know about them and they get incensed, it destroys the trust between them and the banking institution.

At Sumac Microfinance Bank, we believe in openness and the ability to explain to all our clients all the charges they may incur for certain services. In this way, we are able to keep our relationships intact, and still serve the clients effectively.

For any financial institution, there must be no hidden charges. All charges ought to be brought to the table at the time of engaging with the client, and for that reason, we strongly vouch for an openness in this area. Come to Sumac Microfinance Bank so we can show you what you need to do in order to determine if there are other charges you may incur when dealing with your financial institution of choice. It might help to know what could help you interrogate our services better.

Do you have any questions on hidden bank charges you might want to ask us?