Have you at one point noticed a suspicious deduction made to your Equity bank account balance that you had not given prior approval?
If you have answered yes, Should there be any need for concern at this occurrence?
Well…… our answer to that is definitely YES and NO.
Any unauthorized transactions to one’s bank account should clearly become a security risk that should be acted upon immediately to avoid further losses.
However, there are certain transactions that are as a result of hidden charges applied by banks to boost their profit margins.
One of such deductions is Equity bank’s annual charge of Ksh240 to their account holders especially if they possess a debit card.
The lender has in the past stated that this deduction is a standard fee applicable to all members with active debit cards and is usually deducted annually on the anniversary month in which the card was issued.
However, these charges do not apply to members whose debit cards have attained their expiration dates.