A rising number of Equity Bank clients are raising alarms after being penalised for bounced cheques even when they were merely depositors and not the issuers.
In several reported cases, clients have walked into banking halls to deposit cheques from third parties, only to later discover hefty charges slapped on their accounts once those cheques bounced. The kicker? These customers had no way of knowing the cheques would be dishonored, yet they’re still footing the bill.
This unexpected penalty system has stirred frustration, with many terming it “unfair” and “punitive.” Kenyans online are now calling on the bank to explain the rationale behind charging depositors for failed transactions they didn’t initiate.
Consumer rights advocates are urging Equity Bank to urgently review the policy, while customers are being warned to double-check with issuers, a difficult ask in many real-world scenarios.
As the story unfolds, one thing is clear. Trust in cheque transactions is taking a serious hit.
