WHAT ARE THE REQUIREMENTS FOR OPENING AN ACCOUNT?
1. Provide proof of identity: you need to prove who you are and where you live.
2. Fill in an application form:
- Provide legal name & any other name used. (such as maiden name)
- Permanent address (full address should be provided; post office box is not sufficient), important landmarks close to your residence should act as a complement.
- Telephone number, fax number, and e-mail address
- Date of birth
- Occupation, public position held and/employers name
- With students, an introductory letter from the student's institution, signed by the head of the institution or his representative and a student ID card.
- Type of account and nature of banking relationship
- Any other information the respective bank may require
3. Pay the initial deposit (or more) into your account
- Name of institution
- Principal place of institution's business operations
- Mailing address of institution
- Contact telephone and fax number
- Original or certified copy of the regulations, business registration and commencement of business
- Resolution of the board of directors to open an account and identification of those who have authority to operate the account.
- Nature and purpose of business and its legitimacy.
- Website addresses of the institution if any
- E-mail addresses of the (directors) signatories of the accounts
You will need proof of identity (Residence). Acceptable documents include:
- Driver's License
- I.D. Card from work (introductory letter from employers)
- Voter Identification Card
- Resident Permit
- Proof of address
- Electricity/Water Bills (Utility Bills)
- Telephone bills
- Tenancy Agreement etc
OPERATING THE ACCOUNT
Different banks have different processes for running your account. Ask your bank to give you a "user guide" or information about how to operate or manage your account.
HOW DO I PAY IN MONEY?
Cash/cheques/paying in slips
HOW DO I WITHDRAW MONEY FROM THE ACCOUNT?
- Completing a withdrawal form at the Bank
- Completing a cheque leaflet for cash withdrawal.
- Issuing cheques to creditors to obtain cash or through clearing at the Central Bank.
- By e-mail and telephone
- Using ATM cards
- By written instructions to the branch requesting a transfer to be made to a 3rd party account.
HOW DO I KEEP TRACK OF MY MONEY?
- Regular statements of account.
- Receipts from Automated Teller Machines (ATMs)
- Cash/cheques pay-in-slips
- Cheque book (counterfoils)
HOW MUCH DOES A BANK ACCOUNT COST?
- Operating a saving account usually costs nothing
- Current account attracts COT – which is a commission on the debit turnover of your account over a period.
- Overdrawn balances attract interest
- Withdrawal from ATM's attract fees.
- Charges for special services eg. Transfer of money, special clearing of cheques etc.
- Returned cheques attract commission
- Issuance of dud cheques attracts penalties; it is also a criminal offence and offending customers may be prosecuted. Frequent (about 3 cheques in a quarter) return of cheques would lead to closure of the account for a period of 1 year.
VOLUNTARY CLOSURE OF AN ACCOUNT
- Customers are required to give a week's notice before closing an account. This may vary however from bank to bank.
- No fee is charge for closing an account.