Special Reports
INTERACTIVE: Banking fees - do you know what you're paying for?─── 12:30 Fri, 21 Aug 2015
What are you paying for and are you willing to change banks? Find out with this infographic report!
The mention of “Bank or service Fees” and many cringe. In an article published in Business Tech, South African banks Absa, Standard Bank and Nedbank release their banking fees which came into effect on January 1st this year.
In TheBanker.com’s 2014 list, South Africa’s financial institutions made it to the top list for the African continent in The Banker’s Top 1,000 Banks global rankings, yet even though banks’ suggestions to reduce client’s fees is that all the banks say their clients need to speak to them, because it will help determine the most cost-effective option for their needs and circumstances, experts remain on the notion that clients are not well informed on the options.
Head of Pricing at Absa Retail Banking Jean van Rooyen says regarding educating consumers on bank fees, there is always room for improvement.
According to Economist Dawie Roodt, the average man on the street isn’t well clued on bank fees and perhaps consumers should do more bargaining in order to get better deals.
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Exactly how then are service fees are determined, of course each bank follows its own criteria and Van Rooyen explains.
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Roodt further adds that the country’s banking system is brilliant yet consumers still pay too much.
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Despite the different charges that have been put in place, Van Rooyen highlights the significance of having service fees put in place.
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Pensioners have substantial savings that they can use to maintain a high minimum balance. And many older pensioners are set in their ways, including banking the old-fashioned way: not able, or inclined, to use electronic channels such as the internet. They are among the most vulnerable in our society and, given the high crime rate, may justifiably be afraid of withdrawing cash at an ATM, preferring to go into a branch.
Thandi Xaba/OFM News
Infographic compiled by MJ Lourens/OFM News.
If you're unable to view the graphic, click here for a static image (certain funcionality might get lost in the process). Actual service fee data via Business Tech. Survey conducted by OFM News.
