Benefits, Terms & Conditions of a Bank Account in Uganda

Benefits, Terms & Conditions of a Bank Account in Uganda

March 30, 2017 No Comments

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We would like to take you through the Benefits, Terms and Conditions of opening a Bank Account in Uganda.

How much are the fees and charges of a bank account Uganda?

Look at the Key Facts Document and ask about any extra charges which may apply. Are you keeping track of your account? You should receive a statement which you might be charged for, showing all activities affecting your account.

  • Instruct your financial institution (bank) about how often you want to receive your statement
  • Inform your financial institution (bank) about how you would like to receive your statement
  • Read and understand your statement

Can the financial institution (bank) close your account?

The financial institution (bank) shall not close your bank account without giving you 14 days’ notice except:

  • Where the account is being used for criminal activity
  • Where you may have been threatening, intimidating or violent towards staff of the financial services provider

What are Terms and Conditions?

The Terms and Conditions refer to the benefits, fees, charges, penalties, interest rates, risks, liabilities and obligations regarding the use of your account. They are summarised in the Key Facts Document (KFD).

To understand the Terms and Conditions you should be given at least one KFD from your financial institution (bank).

It is free and should be provided in a language that you understand.

Can Terms and Conditions change?

Yes, and you should be notified:

  • Immediately of any changes in interest rates on your account
  • At least thirty days before any other changes in the Terms and Conditions, such as fees or charges How much will you earn on your savings?
  • Know the interest rate
  • Understand how the interest rate is calculated
  • Know when the interest will be paid to your account
  • Know the charges relating to your account

Did you know?

  • Your financial institution (bank) must verify your identification before giving you access to your account
  • Your financial institution (bank) shall provide you with a PIN number for your ATM card
  • You should not share your PIN number or write it anywhere
  • You are required to provide correct updated information such as address, telephone numbers and specimen signature
  • You should be notified of any changes in the in

 

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