Bank charges on your s avings account at some banks have risen between seven
percent and 97 percent in the last six months, a Personal Finance survey
shows. The survey, carried out every six months, compares charges for the
most common transactions across the banks.
The banks that have implemented their annual increases since the last survey
in March are Absa, Nedbank, Peoples Bank and Permanent Bank.
the charge that has increased the most is on cash withdrawal fees from an
automatic teller machine (ATM).
If you have a savings account with Absa, you are now paying 97 percent more
to draw cash if you allow your balance to drop below R2 000. If you maintain
a balance of R2 000, cash withdrawals from one of Absa`s ATMs are free.
The cost of cash withdrawals from ATMs that do not form part of your bank`s
network has also been increased at Absa, Nedbank, Peoples Bank and Permanent
Bank. Absa`s fee has increased by 25 percent, Nedbank by 19 percent and
Peoples and Permanent Banks` by 18 percent.
These fees are generally high at all the banks because your bank has to pay
if you make use of ATMs that are not part of its own network. If you do use
another bank`s ATM you will pay R11 at Absa to draw R500, R8,55 at First
National Bank, R5,85 at Mercantile, R6,73 at NBS, R8,21 at Nedbank and
Permanent Bank, R8,03 at Peoples Bank, R8 at Standard Bank and R6,90 at
Pick`n Pay Financial Services.
Other transaction charges that have been affected by the latest round of
increases include balance inquiries at other ATMs. These fees are up 25
percent at Absa and eight percent at Nedbank, Permanent Bank and Peoples
Bank.
Nedbank, Peoples Bank and Permanent Bank have increased their cash deposit
fees by seven percent. Deposits under R200 are free, but if you deposit more
than R200 you pay R0,90 for every R100 or part thereof.
Another transaction that has gone up in price is drawing cash over the
counter. At Absa the fee is 10,5 percent higher than it was before the fee
review, but only if you do not maintain a monthly balance of R2 000.
Debit orders, something which many consumers use to pay bills that differ in
amount every month, have not escaped increases.
Absa, Nedbank, Peoples Bank and Permanent Bank have all increased their fees
on debit orders. You can avoid this cost at some of these banks if you
maintain a certain balance in your account.
Inter account transfers and account payments at an ATM at Absa now cost 15,6
percent more; stop order payments at Nedbank, Peoples Bank and Permanent
Bank are up 10 percent and cash deposits over the counter now cost seven
percent more.