Banks may be actively marketing their fantastic (reduced) bank fees but my experience is that unless you ask them, they don’t usually offer you the lower rate. I chatted with an 80-year-old client who is desperate for more money. Turns out she banks with Absa (but could have been at any of the other three) and it’s currently charging her more than R300/month in bank fees. This is despicable!
A quick search of the bank’s website shows that there are many greatly reduced options available, including “free” banking for pensioners (subject to a minimum investment of R15 000 with them). Doing the maths, R15 000 at 5% (money-market rates) equates to around R63 a month… so this is an attractive option, especially when compared to her current situation. Some of the other banks offer current accounts at R40 a month for pensioners.
It is time to wake up with respect to bank fees – if you are paying more than R100 a month in bank fees, then you are paying too