Once the internet and telephone banking bug has bitten you, you will be hooked for good.
Internet and telephone banking beats standing in queues at the bank or even at an ATM. You can do most transactions over the phone or computer and visit the bank only when you need to draw cash.
,b>Telephone banking
The monthly service fee for telephone banking ranges from R5.70 at Nedbank to R22.80 at Absa. Standard is the only bank that does not charge a monthly service fee, although NBS does not charge the fee if your balance remains greater than R2 500.
Absa's telephone banking is free if you are already registered for internet banking - for which you are charged a monthly subscription fee.
Remember that you will have to pay monthly service fees for telephone banking in addition to the usual cheque account service fees.
Balance inquiries are free from all the banks except Absa where you are charged R0.63 for each inquiry.
You can download a statement to a fax machine over the telephone, and for this service Standard and Absa charge a fee while the other banks do not. Standard charges a flat R3.50 for every download while Absa charges R2.70 for the first faxed page and R0.49 for every additional page.
If you transfer money between accounts at the same bank - for example, between your cheque account and your savings account - you are charged anything up to R2.35 - at First National Bank (FNB) - for the transaction.
Charges for account payments start at a flat rate of R1.90 for the transaction up to R9. Standard charges a sliding fee of R1.30 for the first R100, and R0.50 for every additional R100 up to a maximum of R9.
Internet Banking
Most banks charge a monthly subscription fee for internet banking. NBS does not charge, but the fee at the other banks ranges from R11.97 at Absa to R22.80 at Nedbank and FNB.
The major banks do not charge for balance inquiries. Viewing a statement and downloading a statement are also free, except at Absa. Absa allows you five statement viewings for free and then charges R1 a time thereafter. Statement downloads at Absa cost R1.
At Nedbank, the cost of money transfers from a cheque account, credit card and savings account (to another account at the same bank) may differ depending on the account from which the money is transferred.
Standard, FNB, Absa and Mercantile charge the same fee irrespective of the type of account from which the transfer is made.
Similarly, the cost of payments to third parties, such as your electricity service provider or municipality, vary at Nedbank and Standard depending on the account from which you are making the payment.
To find out what the banks are charging for telephone and internet banking visit Bankmonitor