Bank account fees and charges

Because a bank is a business, it charges a fee for its services – just like a plumber or an electrician does! In the bank this fee is called a ‘bank charge’ or ‘service fee’.

Not all types of bank accounts and services cost the same; some are cheaper, some are more expensive.  By understanding what fees the bank charges, you can decide which products are right for you, and manage the amount you have to pay. 

Remember:  It is your right to speak to different banks to find out which banking fees and services you can afford!

Here are some of the ways you can pay less for bank service fees:

Use your own bank’s ATMs whenever you can – the service fee for using other banks’ ATMs is higher.

  • Try not to draw cash too often as you pay a service fee for every withdrawal.
  • Use self-service banking, like ATMs, cellphone or internet banking – it costs less than going into a branch.
  • Use other banking channels like registered Spazas or Retail shops to pay your accounts or buy airtime – this will also save you time and money!
  • Check your bank statements every month to see how much you are paying for service fees.  If it looks like the fee you are paying is too high for the services you are getting, speak to your bank!

Don’t forget to check with your bank exactly how much they charge for different types of transactions.  The more you know about fees and charges, the better you will be able to manage your money and make it work for you!