BANK charges among South Africa’s five biggest commercial banks have remained stagnant in the past year, while Standard Bank’s cheapest option is now the most expensive of the five, according to a report by Solidarity Research Institute. The report found that most banks had not significantly increased bank charges in the past year. Banks were instead moving towards bundle accounts and away from pay-as-you-transact offerings. Paul Joubert, senior researcher at the institute, said on Tuesday that as a result bank charges "seem to be stagnating" at about R80 to R100. "At the big four banks, the fees of each individual transaction on the pay-as-you-transact accounts have become so high that clients are in effect forced to open bundle accounts instead," he said. Capitec, however, offered a cheaper pay-as-you-transact option with minimum fees per transaction bdlive.co.za/business/financial/2013/08/21/standard-bank-offers-most-expensive-account-report-finds
Posted on: Wed, 21 Aug 2013 07:44:55 +0000