Specific transaction charges on transmission accounts have shot up by as much as 50 percent, the latest Personal Finance survey on banking charges shows.
Last week Personal Finance surveyed basic cheque account packages and next week savings accounts come under the spotlight.
Standard Bank and NBS Bank have both implemented their annual increases since Personal Finance's survey in August last year.
At Standard Bank various transactions have been increased by between 11 percent and 67 percent while the increases on certain transactions at NBS Bank range between one percent and 46 percent.
If you are a Standard Bank customer, hang onto your Automatic Teller Machine (ATM) card because you now pay R10 to get a new one. This charge has been increased by 67 percent. A Standard Bank spokesman says it is because clients are negligent with their cards that the bank has increased this charge.
Over the counter transactions at Standard Bank have also been targetted with big increases. Cash withdrawals at a counter will now set you back R12, which is 20 percent more than the R10 fee charged previously. Provisional statements drawn from a teller now cost R2 and transferring money between accounts will cost R12.
Account payments, inter account transfers and cash withdrawals from the bank's own ATM network have all been increased by 11 percent to R3 for every transaction that you do. But beware, if you draw money from an ATM other than your bank's own network you are charged R7.
Further proof of banks forcing you to stick to your own bank's ATM network is that a balance inquiry elsewhere will cost you R1,85 which is 23 percent more than you paid last year.
NBS Bank has increased almost all the transactions surveyed by Personal Finance. Depositing cash, whether it be at an ATM or over the counter has shot up by 46 percent. It now costs R0,86 for every R100 or part thereof if you are depositing more than R5 000 at either at an ATM or over the counter. Depositing amounts less than R5 000 is free.
Many of the transactions at NBS Bank are free if you maintain a balance of R2 000 in your transmission account.
First National Bank(FNB) has not yet implemented its annual increases, but the bank has adjusted two of its fees in the meantime.
The monthly service fee that you pay even if you do no transactions on your account has been increased by 50 percent to R8,55 and the over the counter cash withdrawal fee by 30 percent. This means you are now charged R6,80 to draw R250 from a teller inside your bank at FNB.