Gordhan: Banking fees must be lowered

Finance Minister Pravin Gordhan said on Tuesday that some of the fees charged by banks must be lowered.

He was addressing a media briefing in Pretoria following his meeting on Monday with the chief executives and chairpersons of banks.

“Fees charged must be lower than they are, whether for low-income or high-income accounts. Debit-order cancellations must be made easy for people. Banks should detail ATM charges and be transparent on how much is exactly involved. If you wish to switch from one bank to another, all the factors that make this switching difficult must be made easy; these are the key changes,” said Gordhan.

“A banking regulator is one other avenue. Other avenues include civil society, more active consumer groups.”

The pay of bank executives was also raised at the meeting.

“We think that banks need to be sensitive and we will be governed by what forums such as the G20 agree on that point. Banks have pointed out to us that for them paying executives as much as they do, it is about the retention of skills. But it’s a matter that we’ll continue to look into,” said Gordhan.

The National Treasury also called for more transparency in the banking sector, as well as a “more active consumer and civil society”. — I-Net Bridge

Advertisting

Study unpacks the ‘hidden racism’ at Stellenbosch

Students say they feel unseen and unheard at the university because of their skin colour

Workers’ R60m ‘lost’ in banks scam

An asset manager, VBS Mutual Bank and a Namibian bank have put the retirement funds of 26 000 municipal workers in South Africa at risk

‘Judge President Hlophe tried to influence allocation of judges to...

Deputy Judge President Patricia Goliath accuses Hlophe of attempting to influence her to allocate the case to judges he perceived as ‘favourably disposed’ to former president Jacob Zuma

SAA grounds flights due to low demand

SAA is working to accommodate customers on its sister airlines after it cancelled flights due to low demand
Advertising

Press Releases

MTN unveils TikTok bundles

Customised MTN TikTok data bundles are available to all prepaid customers on *136*2#.

Marketers need to reinvent themselves

Marketing is an exciting discipline, offering the perfect fit for individuals who are equally interested in business, human dynamics and strategic thinking. But the...

Upskill yourself to land your dream job in 2020

If you received admission to an IIE Higher Certificate qualification, once you have graduated, you can articulate to an IIE Diploma and then IIE Bachelor's degree at IIE Rosebank College.

South Africans unsure of what to expect in 2020

Almost half (49%) of South Africans, 15 years and older, agree or strongly agree that they view 2020 with optimism.

KZN teacher educators jet off to Columbia University

A group of academics were selected as participants of the programme focused on PhD completion, mobility, supervision capacity development and the generation of high-impact research.

New-style star accretion bursts dazzle astronomers

Associate Professor James O Chibueze and Dr SP van den Heever are part of an international team of astronomers studying the G358-MM1 high-mass protostar.

2020 risk outlook: Use GRC to build resilience

GRC activities can be used profitably to develop an integrated risk picture and response, says ContinuitySA.

MTN voted best mobile network

An independent report found MTN to be the best mobile network in SA in the fourth quarter of 2019.