SA banks ARE trying harder to lower fees - Solidarity
Trade union Solidarity this week published its latest Bank Charges Report, which sheds light on the most and least expensive bank accounts in the country.
You might be under the impression that South Africa's banking fees are among the highest in the world, but the Solidarity Research Institute's Monica Mynhardt says local banks are trying harder to lower fees.
The tenth annual edition of the Solidarity report covers five banks - Absa, Capitec, FNB, Nedbank and Standard Bank.
Mynhardt says free market competition is working to the benefit of clients, with banks dropping charges in real terms year after year.
The thing to remember about the free market system is if people are not happy with their bank whether due to high bank costs, bad service or not enough benefits, there are more than enough banks that they are able to move to.Monica Mynhardt, Researcher - Solidarity Research Institute
We've seen it this year with three new banks entering the market which function completely digitally.Monica Mynhardt, Researcher - Solidarity Research Institute
The report looks at three categories: low-, middle- and high income.
We use specific bank accounts that fit these categories for our analysis. What we've seen is that different banks in all of the categories have managed to lower their prices.Monica Mynhardt, Researcher - Solidarity Research Institute
In the lower income category, all the banks except for Nedbank were able to lower their prices in real terms.Monica Mynhardt, Researcher - Solidarity Research Institute
In the middle income category about half of the banks were able to lower their prices and in the higher income category two of the five that were analysed were able to lower their prices.Monica Mynhardt, Researcher - Solidarity Research Institute
She says the important thing is that if banks are "smart enough" they are able to adapt to changing economic circumstances and still lower their fees.
Read the complete report here.
Listen to the conversation on Afternoon Drive with John Maytham:
Senior Associate at Webber Wentzel Justin Malherbe explains the scope of indemnity forms and what to look for in the fine print.Read More
Renowned guitarist Steve Fataar died in the early hours of Saturday morning, just hours after performing at a gig in Durban.Read More
"… we are definitely going to participate in the 2021 local government elections...," says former Joburg mayor Herman Mashaba.Read More
Gauteng Health MEC Bandile Masuku says the cause is overcrowding andTembisa neonatal ICU has 40 beds and over 90 babies.Read More
The teenager drowned at an orientation camp in the North West last week and his body was later found in the Crocodile River.Read More
A woman claiming to be a social worker approached a Khayelitsha mom last week and abducted one of her twin boys.Read More
She allegedly did it without President Cyril Ramaphosa’s permission, as required by the Ministerial Handbook.Read More
The father says rules at the Retreat indoor swimming pool aren't clear and leave kids feeling excluded from the public facility.Read More
Two submarine cables connecting South Africa to the global internet on the west were damaged.Read More
Fedsas CEO Paul Colditz argues against a proposed amendment to reduce role of SGBs in appointing principals, deputies, dept heads.Read More
Flight Centre SA has issued an advisory informing clients that SAA has cancelled several domestic and international flights.Read More
Software superpower Microsoft announces various plans to cut its own carbon emissions by more than half over the next 10 years.Read More
Macfarlane Moleli tells The Money Show how he structures his life and sets goals.Read More
The pick of the day's crop as chosen by Caroline Cremen, Portfolio Manager, Adviceworx.Read More
“ Government must ensure that state-owned entities have boards with the right mix of skills to fulfil their mandates."Read More
Damaged undersea cables frustrated many SA internet users this week. We get an update on the situation - and a backup plan.Read More
The UK-Africa summit is underway and after Brexit, the UK reportedly wants to boost trade with our continent.Read More
Think twice before fabricating or over-stating your qualifications.Read More
It's the largest, most-prestigious MBA competition in the world - 36 business schools from around the world took part.Read More
Education inflation is at about 10%, says Old Mutual. The implications are terrifying. Gerald Mwandiambira (CFP) has advice.Read More