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SA banks ARE trying harder to lower fees - Solidarity

5 December 2019 6:38 PM
Tags:
Solidarity Bank Charges Report
The Solidarity Research Institute's Monica Mynhardt gives insight into the union's tenth annual Bank Charges Report.

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.

RELATED: You can now convert your Standard Bank charges into data or voice bundles

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:

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5 December 2019 6:38 PM
Tags:
Solidarity Bank Charges Report

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