Huge increases in the minimum amounts you need to keep in your account if you want to qualify for free banking or rebates on charges have account-holders up in arms.
The latest review of bank charges by Personal Finance shows that both First National Bank (FNB) and Standard Bank have more than doubled their minimums from R2 000 to R5 000 since Personal Finance's last review in March this year.
Absa has the lowest minimum of R3 000, while Mercantile, Nedbank and Permanent Bank do not offer such a facility at all.
Personal Finance reviews the bank charges on common transactions at the major banks every six months to help you keep track of your bank charges and to direct you towards cheaper alternatives, where they exist. Only the basic cheque account packages are reviewed.
Since the last review, FNB, Nedbank, Permanent and Standard have adjusted their fees.
The review shows that, as a general rule, you should avoid doing your banking over the counter inside a bank and stick to using the automatic teller machine (ATM) network of your own bank.
Banks have been increasing certain charges in an attempt to force account-holders to make use of transactions which are more cost efficient for the banks.
At both Nedbank and Permanent, for example, the cost of getting a statement over the counter has doubled from R1.50 to R3. If you use your bank's ATMs, a statement will costs you R2. FNB has increased the fee for drawing cash over the counter by almost eight percent from R4.87 to R5.24.
Transaction costs which have increased substantially at Nedbank and Permanent include those on debit orders, which are up by almost 21 percent; and stop orders, which now cost just over 17 percent more at Nedbank and just under 17 percent more at Permanent.
Debit orders at FNB also cost more now than six months ago. The fee has been increased from R4.87 to R5.24.
Even electronic transactions, which the banks are so keen for you to use, now cost more.
At the Nedbank and Permanent, the cost of paying your accounts through your bank's own ATMs is up more than 20 percent. These banks are also charging almost nine percent more to transfer money between accounts.
Apart from increases in several transaction costs, banks have also introduced some new charges.
FNB, Nedbank and Permanent now charge for cheque books. You also have to pay for balance inquiries from your bank's own ATMs if you bank with Nedbank or Permanent.
The Nedcor banks have implemented a new charge for cash withdrawals over the counter. The charge is R1 for every R100 up to a maximum of R11. This is over and above the basic service fee charge which has increased by almost 21 percent. It means that drawing R500 over the counter will now cost you R12.40 at Permanent and R13.80 at Nedbank.
Standard has started charging its clients a R15 a month overdraft administration fee. You are charg-ed this fee if you are overdrawn by more than R100 for more than five days in any month.
Standard has also increased the cost of cash withdrawals from ATMs other than its own by more than six percent.