If you bank with Absa, prepare yourself for an increase in bank charges from the beginning of June and be prepared to pay dearly for cash.
Absa will be charging you for cash withdrawals based on a sliding scale the more you draw, the more you pay.
Instead of paying a flat fee of R1,60 for every withdrawal from an Absa ATM, on an amount of R250 you will pay R3,15 (97 percent more) and R4,45 (178 percent) for R500.
Cheque and transmission accounts are affected. Eric Tomlinson, operating executive, said Absa's annual price review, scheduled for May, was held back one month.
A cheque for R250 will cost you 10 cents more and a R500 cheque, 20 cents more, if you have Absa's Silver, basic cheque account package.
The minimum monthly service fee that you pay, even if you do no transactions, has been increased by 10 percent, from R11,85 to R13.
Some tips to minimise your fees:
* Use an Absa ATM rather than over-the-counter transactions;
* Use your Absa Bankteller ATM card as a debit card at any shop displaying the Maestro sign the money will be deducted from your account.
* Bank by phone for a monthly fee of R8,55 and a fee for each transaction.
* Bank via the internet for R11,40 a month (this includes the telephone fee). Transactions are charged extra.
* Choose the fixed monthly service fee, which gives you a certain number of transactions for a specified fee.
* Keep a balance of R1 750 in your account and pay no service fees on transactions such as stop orders, transfers and ATM withdrawals.