Cash deposits do attract a specific charge, house told

Assistant Minister of Finance and Development Planning, Gloria Somolokae said with regard to cash deposits, practices differ significantly in the banking industry, with most banks imposing a specific charge on cash deposits.   Only two of the major commercial banks, she said, do not impose a specific charge for cash deposits. 

"The typical structure of the cash deposit fee has a free cash deposit element for up to a specified amount and a percentage of any amounts in the excess of that specified amount.  The rationale for a specific cash deposit fee is that cash handling is costly to the banks," she said.