
An undated image of credit cards. — Bank Alfalah
Nearly a week after incurring a 5% monthly fee on high-balance accounts, Bank Alfalah has unilaterally announced the withdrawal of the Schedule of Bank Charges (SOBC).
The bank's notification stated that the revocation of the monthly fee came into effect immediately. Bank Alfalah made this decision to provide customers with a facilitating and convenient banking experience.
The charges, if they remained enforced, were aimed at deducting a 5% monthly fee on checking accounts whose balances would be Rs5 billion or more (or equivalent in case of FCY) on the month's last day.
In the case of foreign currency deposits, Bank Alfalah, similar to what all the commercial banking institutes imposed, set a 3% SOBC.
Experts attributed the surcharge to the federal government obliging banks with an ADR of less than 50% to pay a 16% tax.
It was also believed that the implementation of a big ADR tax has prompted banks to go to any lengths to make amends for the huge taxation payout.