I work in a garment-related industry. Recently, when I received an LC payment I found Standard Bank Ltd. deducted an amount of USD 120.00 (one hundred twenty US dollar) from our payment as commission. I was shocked because it was too high. Â Where normally other commercial banks charge USD 20.00 to USD 50.00 for a similar job, commission of USD120.00 which is equivalent to BDT 9,600.00 is too high and not justifiable. Â Banking should be transparent and service oriented, and it should not be a tool to make undue profit. We see the commercial banks deduct many fictitious charges which are difficult for us to understand. Â
Unjustifiable and unreasonably high bank charges hurt the small and medium businesses and they never get to flourish the way they should have been. Â I hope Bangladesh Bank will set up a monitoring unit to identify this malpractice so that the banks can not overcharge their clients with high and exorbitant commissions.
Mohammed Sohel Hara    Â
Bonosree, Dhaka           Â
sohelhara@hotmail.com
Â
High bank charges of a private commercial bank
FE Team | Published: January 28, 2017 20:43:51 | Updated: October 21, 2017 06:33:38
High bank charges of a private commercial bank
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