Equity ATM Cards: If you own an ATM card with Equity Bank, a maintenance fee shall be deducted from you account every year. This is in addition to the one-time application fee that now stands at around Sh. 700.
Customers who own a Visa or Mastercard with the bank have been getting messages alerting them that a fee of up to Sh. 240 has been deducted from their accounts.
The message customers have been getting reads as follows, “A fee has been deducted from your account **** Amount: KES: 240 Desc: Annual Debit Card Fee.”
One of the affected customers is financial analyst Ephraim Njega who took to his social media handle to complain. “I got this message from Equity Bank. They are now charging us KShs 240 per year for owning ATM cards. How did CBK approve such a charge?” he said.
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Njega pointed out that going by the number of customers Equity bank hosts, the deductions could amount to billions of money for the bank. “From their 10 million customers they will collect KShs 2.4 billion. What is the justification for such a charge? We pay whenever we transact with ATM or they get commission from merchants,” he said on the Equity ATM cards deductions.
