Absa, South Africa’s largest retail bank in terms of customers at 6,96-million, has announced bank-fee increases of between 4% and 7% for 2005, which will become effective from April 1.
Detailing the fee increases on Wednesday, Absa said charges for daily transactions — those transactions performed regularly by customers — will rise by 4%. Fees for a select range of products and services will be increased between 4% and 7%.
“These fees were determined in response to the additional needs of our customers,” Absa said. “There will be no increase in penalty fees for Personal Market account holders.”
The group added that, in recognition of the needs of its clients, Absa has launched a new marketing campaign, called Transparent Banking, to explain in greater detail the fee increases so that its clients are fully aware of all the options and alternatives when transacting.
Brochures entitled Transparent Banking: Clear and Simple are available in all branches, and details are also available on Absa’s website.
Brendan O’Donnell, group executive: group marketing and communication, said the aim of Transparent Banking is to show clients that by carefully managing their own banking behaviour, they can keep their banking costs and fees to a minimum.
“This year’s pricing brochure is designed to equip clients with all the information they need to minimise their expenses by being able to manage their own finances more effectively and proactively,” he elaborated.
“For example, cash withdrawals cost more at a branch counter than at an Absa ATM [automated teller machine], a Saswitch ATM or even at many retailers.” — I-Net Bridge