Banks Tighten Account-Opening Requirements

Zimbabwe: Banks Tighten Account-Opening Requirements Posted to the web 24 July 2008 Jeffrey Gogo and Perry Kaande Harare COMMERCIAL banks have tightened account-opening requirements, a move that will hit hard on the already depleted national savings. Investigations by the Herald Business this week established that opening new accounts, both current and savings - has become a nightmare for most low-income workers. New account holders are now expected to be netting salaries between $500 billion and $20 trillion and make initial deposits of amounts ranging from $250 billion to $10 trillion for personal accounts. Company account initial deposits range from $5 trillion to $100 trillion. The average worker is grossing at most $1 trillion, but the figure could expand to $5 trillion for middle-income employees. Most bank officials... [read full story]