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Another financial headache



ZIMBABWEANS have had to endure widespread banking corruption with thousands losing their hard-earned cash in bank failures.



rif”>They are also suffering as financial institutions make huge profits at the expense of their bank accounts — by paying ridiculously low interest rates, whilst simultaneously imposing exhorbitant service charges.


The masses now have a new financial problem inflicted upon them.On receiving a Premier Service Medical Aid Society cheque made out in my name, I tried to bank it in my Beverley Building Society account.


However, it was refused following a directive apparently issued by the Reserve Bank in which building societies and similar institutions are designated as non-banking entities!


In effect this means that if cheques include the words “not negotiable”, and most are, and if you don’t have a bank account, you are unable to get it processed!


What this means is that everyone receiving such cheques will be forced to have a bank account, whether they like it or not, and with it all the troubles and huge expenses associated with such a “service”.


This may be a misguided attempt to protect the public from yet more fraud, but in reality it’s just another case of bureaucratic bungling!


Payment by cheques was introduced to make payments simple, secure and efficient. Crossings were only introduced to provide additional protection.

What are people without bank accounts expected to do now?


M Leppard,

Harare.

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