the Barclays Bank branch on the IPS Building.
"You can open up any account with us without making a deposit," I was told by an employee. "What do you exactly mean?" I asked because I had never heard of such before, at least not from Barclays Bank."We only need one passport-size photograph from you, an identification document and a referee from either an existing customer or your employer," he replied.
The following day, I was told (by phone) that my account was open and I made my initial deposit. How simple! Earlier in the week, I had successfully helped 20-year-old Joseph Lwanyaga, to open up an account at Centenary Bank on Namirembe Road. The exercise was difficult because Mr Lwanyaga's head teacher had wrongly spelt his name as Lwanyaaga on the recommendation letter.
I was forced to to seek the intervention of the branch manager.You might not have the courage to approach the branch manager, when faced with that first hurdle.You may not even know how to choose the most appropriate bank account for yourself. But here are a few simple steps you can follow. Start by talking to people - your friends, relatives and workmates. Ask them where they have their bank accounts and whether they like the services they are offered.
Then find out the type of account you want because banks offer various types, for example, Kenya Commercial Bank (KCB) offers a Simba Savings Account for 'serious savers,' and Barclays Bank has Bonus Savings Account. In both cases, withdrawals are limited to once in every three months with no minimum balances.
Before opening an account, it is important to know the various charges levied on the account by the bank. This is because Ugandan banks are some of the most expensive in terms of levying charges, in the whole world. Some commercial banks in Uganda do charge for every deposit, withdrawal and even charge for chequebooks!
After knowing the various charges, determine how convenient the services offered are to your needs, for instance, the proximity of the bank to your home or place of work and rates for loans. Then go to the bank you have chosen and talk to the people in charge to know all the requirements of opening up an account. Some banks are extremely strict that they require, for instance, a photograph attached on the LC 1 letter with the LC 1's stamp marking both the paper and your picture!
After you have obtained all the documents, go back to the bank and your documents will be scrutinised to ensure that they meet the bank's standards. Make sure, for instance, that your name is spelt consistently on all the documents. If possible, open up a second or third bank account.
This is because banks like other institutions, face temporary challenges. Although these are mostly short-term by nature, it pays to have two accounts in order to avoid unnecessary inconveniences. For instance, one bank's ATMs might temporarily fail yet you urgently need to withdraw cash for your Christmas shopping or to deposit.
I do hope and pray that all the ATMs will be up and running normally over the forthcoming festive period.
Merry Christmas and Happy New!
Mr. Kiyingi is a Reuters Fellow based in Kampala.E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
