Cabs minimum balances up

Staff Writer.

THE Central African Building Society (Cabs), the country’s largest building society, has increased the minimum balances for its Blue and Gold Class Accounts.

=”Verdana, Arial, Helvetica, sans-serif”>Cabs said it was increasing the minimum balance for the Blue Class Account to $10 000 with immediate effect but this would go up again to $15 000 next month.

Last week we erroneously said Cabs was increasing its minimum balance for all savings accounts to $25 000 which is the new figure for a minimum cheque amount that can now be signed.

Cabs said the minimum balance for the Gold Class Account would now be $200 000.

The building society said the teller cash withdrawal maximum would be $100 000 and a 1% cash withdrawal fee would be charged on any sums above this figure.

Cabs said new accounts for its Paid Up Permanent Shares (Pups) B Class individuals would pay $1 million, while for the C Class they would be asked to fork out $300 000.

The minimum application for short loans would now be $200 000, while redemptions on short notice fee would be $15 000.

Cabs said stop payment fees would be $10 000, cheque special clearance, $20 000 and returned cheques $10 000.

The building society said for the Gold Class Accounts with effect from January 1 individuals would now pay a minimum balance of $200 000 for savings accounts, while existing clients who have attained the age of 65 years would pay $100 000.

New accounts for Pups B Class will now need $1 million, while C Class need $300 000, with a minimum application amount of $200 000.

For the Gold Class Accounts a teller cash withdrawal maximum of $300 000 is now payable.

Analysts predict the other building societies will follow suit, especially as the country goes through its current hyperinflationary environment.