The Bank of Ghana has warned financial institutions to refrain from quoting interest rates on a monthly, daily or other basis apart from annual, saying, it’s unlawful for them to do so.

In a release on abolition of unfair fees, charges and other practices, the Central Bank, said maintenance fees on savings account charged by financial institutions are illegal.

It therefore urged customers to always look out for debits on their account and report any suspicious or unapproved charges/debits by their financial institution.

It however pointed out to customers that additional services such as transaction alert, internet banking, among others provided by the financial institution may attract fees and charges on their accounts, adding “always assess your needs before subscribing”.

Again, the regulator of the banking industry stressed that financial Institutions are not allowed to charge any penal charge when a customer or customers walk into the banking hall to withdraw funds from their own account over the counter.

It therefore urged customers to always insist on their rights and report any breach to the Bank of Ghana.

“Your request for your account balance from the Banking Hall of your financial institution should not attract any fee or penalty. In case of any breach”, it added.

Also, the Central Bank said “it is unlawful for a financial institution to effect a change in legal title of your asset (vehicle, landed property etc.) used as collateral into the joint names of the financial institution and yourself or into the name of the financial institution or any third party”, urging customers to report any breach to the Bank of Ghana.

It again urged customers to always demand the Annualized Percentage Rate (APR) on their loan from financial institution prior to acceptance of the loan facility, adding, “it will help you know how much the loan will cost you after the duration of the loan. It is a legal requirement for your financial institution to provide you this information before you sign on your loan contract.”