A growing number of Equity Bank customers are expressing outrage after being hit with unexpected fees for depositing cheques that later bounced, despite not being the issuers. This controversial policy has sparked widespread frustration and raised questions about fairness in Kenya’s banking sector.
In multiple incidents, clients have visited Equity Bank branches to deposit cheques from third parties, only to find their accounts slapped with hefty penalties when those cheques were dishonored. Customers argue they had no way of predicting the cheques’ validity, yet they’re still bearing the financial burden.
The issue has fueled heated discussions online, with Kenyans demanding clarity from Equity Bank on why depositors are penalized for transactions they didn’t initiate. Social media posts have labeled the charges as “unjust” and “exploitative,” amplifying calls for transparency.
Consumer protection advocates are pressing Equity Bank to reconsider this policy, arguing it unfairly punishes innocent depositors. Meanwhile, customers are advised to verify cheque issuers’ credibility—a challenging task in many practical situations.
This controversy is eroding confidence in cheque transactions, prompting concerns about the banking system’s reliability. As public pressure mounts, Equity Bank faces scrutiny to address these grievances and restore trust among its clients. Read more>>
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