I opened my GCB Bank account somewhere in 2014, and since then, I have been a loyal customer of GCB Bank, but now on my way out.
This over a decade long relationship hasn’t been a smooth ride. However, since no one or system is perfect, I previously tolerated some shortcomings of the Bank, which revolved mostly around fees and charges.
For instance, GCB Bank deducts GHS 3 for every credit from my employer (University of Education, Winneba (UEW)), into my account. This GHS 3 fee is not restricted to only salary cheques, but every ‘kandam’ payment from UEW; even if the overall face value of the cheque is less than GHS 3, GCB will still charge its evil GHS 3 without mercy!
Most often, UEW will issue one cheque for the benefit of say 10 individuals. GCB will charge each person GHS 3 for crediting their accounts with funds that have already been taxed. Hardly a day passes without UEW making payments of claims to its staff in addition to salaries at the end of every month. Only Satan knows how much GCB has pocketed and continue to pocket from this satanic and immoral charge.
Interestingly, any other credit into my account from any source other than UEW, whether by way of cheque deposit, direct bank transfer, or cash deposit, doesn’t attract this ungodly GHS 3 charge. Clearly, GCB Bank has taken staff of UEW as cash cows!
Another inconsistency emanating from the ‘boiler room’ of GCB Bank is in respect of the 3-day delay in crediting the accounts of UEW staff who are customers of other banks like CBG, Absa, etc. If the Controller and Accountant General (CAG) can pay every public sector worker on its payroll the same day through whichever bank the worker receives their salary, why can’t GCB Bank credit the accounts of UEW staff who don’t bank with GCB the same day as those who bank with it? Could this be a tactic to coerce them to switch their accounts to GCB Bank?
Paradoxically, when I transfer funds from my GCB Bank account to other local bank accounts, the funds reflect immediately, but the same GCB Bank is unable to credit the accounts of UEW staff in other local banks immediately! Mafia tactics on display!
Other blood sucking charges by GCB Bank include:
(a) SMS alert fees of GHS 10 a month;
(b) A monthly maintenance charge of roughly GHS 5 to GHS 10;
(c) ATM withdrawal fees of GHS 6 at other local banks;
(s) Gold Card charges of about GHS 20 a month; and
(e) COT charges, which vary depending on the number of transactions carried out by the customer. If this is not robbery in a suit operating from an air-conditioned office, what else is it? Atta Ayi has company in disguise!!
I recently requested from GCB a settlement balance on a facility I have with it. In response to my request, GCB Bank in paragraph 2 of its letter dated June 04, 2026, and signed by Belinda Ofori-Gyampoh (Assets Manager) stated that: “Please note, interest on the loan is calculated daily, thus the settlement amount may vary if loan is settled after today”.
According to the Bank of Ghana (BoG): “It is unlawful for a financial institution to quote its Interest Rate on a monthly, daily or other basis apart from annual”. Please visit https://www.bog.gov.gh/wp-content/uploads/2022/05/BOG-ABOLITION-OF-UNFAIR-FEES-CHARGES-AND-OTHER-PRACTICES.pdf (accessed June 16, 2026).
The recalcitrant and unrepentant GCB Bank is clearly in breach of this provision, which is unambiguous and doesn’t require any Supreme Court interpretation.
It appears the BoG is not on top of its Regulatory Responsibility, otherwise how can a Commercial Bank dare make a categorical statement like this?
I entreat all UEW staff who are customers of GCB Bank to redirect their salaries and other payments from UEW to law abiding banks, since as it stands, GCB Bank has no respect whatsoever for the laws of this country!
It is not over yet!!
Alhassan Salifu Bawah
(son of an upright peasant farmer)