Bank Current Account in Kenya
There are many Banking products today and current account in Kenya are included in the products listing.
What is Current Account in Kenya?
A current account in Kenya is a bank account that is given to an account holder upon successful application for the account. A Current account allow the account holder to deposit or withdraw cash. Current account in Kenya is used for every day running. Two or more people can open one account which is known as a joint accounts and each member of the account is given a cheque book and an ATM card. The ATM card is linked to the same current account number but the card numbers are different for each member.
The deposit made could be in the form of cash notes and coins, cheque deposits and funds transfers. Funds transfers could be wired funds from abroad or mobile phone electronic deposits. When the customer needs to withdraw from their current account, they could use the following options: use a cheque and approach the bank branch to cash the cheque, use an ATM or debit card at the ATM machine and using direct debits to pay their bills or shopping.
Who can open a current Account in kenya?
Most people who are of legal age can open a current account. There are some people who are black listed for one reason or another, who cannot open a current account. Some reasons for black listing current account applicants include Fraudulent activities, drug trafficking and money laundering.
Many of the banks in Kenya have current accounts facilities. A list of the banks and their branches with these accounts can be found in the banking industry in Kenya write up.
Tips on how to make a decision on the best current account in Kenya
Before making any decision on which banks’ current account to apply to, it is important to first decide what you want the bank to do for you. It is very frustrating to open a current account only to realise that the offering in the bank you choose is not what you were looking for. The bank may not be able to meet your needs, so you have to start looking for a new bank, which is time consuming. Have a check list with your preferences as you research on the various banks. Your credit rating will only start after your account has been opened and moving from one bank to another does not improve your credit score.
It is important that the you understand what a current account in Kenya is and how it operates.