Big time grocer Raymond Ackerman has given the high street banks a wake up call that gives you cheaper and easier banking.
Launched with a lot of public relations razzmatazz as the worst kept secret of the year, Pick'n Pay Financial Services has brought banking into the modern era.
The main attraction for you is that you can get cheaper banking and higher interest rates and you will only need R10 to open a Pick'n Pay cash account.
Although the supermarket chain is not offering cheque book accounts it is providing a service that could obviate the need for current accounts.
The main difference between the Pick'n Pay product and your friendly bank manager is that Uncle Raymond will not lend you money.
However, if you keep a minimum of R1 000 in the account you not only get free banking but Pick'n Pay will also issue cheques on your behalf.
Another advantage of the service is that you can pay your accounts, like telephone and electricity, by calling Pick'n Pay at 0800 600 600. If you need to deposit or withdraw cash you can use any Saswitch ATM or any Pick'n Pay teller.
So far the banks have been coy in responding to Pick'n Pay Financial Services apart from trying to use technicalities to stop the new initiative in its tracks by claiming Pick'n Pay is contravening the Banks Act.
However, there has been a noticeable trend in banks advertising their personal approach, by, for example, inviting you in for a cup of coffee to discuss your banking needs.
Managing director of the new venture, Nicholas Bicket, says he explained to the Registrar of Banks that Pick'n Pay is not putting your money at risk because it is immediately channelled through to Boland Bank.
Bicket says interest rates are up to double that paid by the big banks on ordinary savings accounts while costs are 20 to 30 percent lower. For example, on a balance between R2 000 and R9 999 you will earn eight percent interest.
He says Pick'n Pay can deliver a more cost effective facility because it is not investing in banking halls. The only investment the chain has had to make is in ATM outlets in some of the bigger stores and a sophisticated telephone call-in centre in Cape Town.
In fact, every one of the roughly 3 500 till points in Pick'n Pay stores acts as an ATM, increasing the number of ATMs in the country by about 70 percent.
This means you will be able to pay for your groceries, draw cash and pay your electricity and telephone account when you get to the cashier.
Application forms will be available at stores in the Western Cape from September 10. You can also open an account on line by contacting the call centre.
You will be able to "bank" at Pick'n Pay during store hours and via the call centre from 7am to 9pm on weekdays and from 8am to 6pm on weekends, including public holidays
Bicket says depending on how the Western Cape starts off the service will be quickly rolled out nationwide.
And the banking service will be followed in rapid order by other products starting with unit trusts. Life assurance and short-term insurance products are still under consideration.