Morocco’s Central Bank Unveils 22 Free Banking Services, Addressing Fee Concerns

When asked about the increase in bank charges, the director of BAM, Abdellatif Jouahri, estimated that the complaints are legitimate, because a list of services that should be exempt from any bank charges has been established in harmony with all the banks present in Morocco.

To this end, the central bank has published the list of these services so that citizens can be aware and thus have the freedom to choose to deal with the bank they prefer in full knowledge of the facts.

Below is the list of free banking services in banks:

• Opening of accounts;
• Issuance of checkbook;
• Issuance of the savings passbook;
• Domiciliation of salary;
• Request for a bank identity statement;
• Cash deposit, excluding payment of the stamp duty amount;
• Cash withdrawal at the counter holding the account to be debited, excluding withdrawals by "Counter Check" for account holders with a checkbook;
• Withdrawal upon presentation of a savings passbook at the counter holding the account to be debited;
• Withdrawal from the automatic teller machines of the holding institution;
• Issuance of intra-bank transfers between individuals within the same bank;
• Receipt of national transfers;
• Receipt of national fund transfers within the same institution;
• Establishment and sending of the account statement to the client;
• Consultation and printing of the balance and history of the account through the automatic teller machine and/or the internet, excluding subscription fees for these distribution channels;
• Change of the account holder’s identification elements;
• Closing of accounts;
• Consultation and access to "Direct Banking" services;
• Reactivation of the card’s secret code;
• Opposition to the card in case of loss or theft;
• Replacement of the defective bank card that has not yet been used;
• Rejection of the check for formal defect;
• Opposition to the check in case of loss or theft.