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Digital bank Bank Zero has published its price guide for individual and commercial clients ahead of its official launch.
In September, co-founder Michael Jordaan said the bank had begun a closed rollout and that the bank plans to be publicly available before the end of 2020.
“Bank Zero is active and operates through six payment methods. The closed launch has begun, ”he said. “Customers (individuals and companies) are being added in this closed launch. It will then be followed by availability to the general public. “
Jordaan had previously explained that Bank Zero would select its public beta participants from those who had provided their details on the Bank Zero website.
How the accounts will work
Bank Zero said it will offer one type of account, with the same costs for individuals and businesses.
“Although there have been some changes in the industry to reduce costs for people, the focus has only been on entry-level accounts, and customers are forced to pay more if they want to upgrade to better functionality.
“With Bank Zero, the same advanced payment functionality and real-time control are available to all customers,” the bank said.
All private companies, closed corporations, and sole proprietors can join Bank Zero, with more types of businesses, such as trusts and partnerships, to be included later.
“You can add as many business profiles as you want, quickly and easily, and at no cost. Furthermore, each company can load as many additional users as it wishes, also at no cost, ”he said.
Other key features include:
- Clients can open as many accounts as they want;
- Customers can send money to other Bank Zero customers at no cost using the ‘send money’ feature and the person’s cell phone number;
- The application will support QR payments at no cost to the customer;
- Payment vouchers are only charged when we incur a third party cost, such as when sending a payment voucher by SMS;
- There are no costs for prepaid items like electricity, data, airtime, – other than the cost of the actual product.
Prices
Bank Zero said that customers will also receive all notifications about banking activities at no cost. However, the bank said clients will sometimes incur third party costs when providing them with a ‘direct service’.
This includes withdrawing cash with your card at another bank’s ATM or retail point of sale. You will also be charged when your card is personalized and sent by courier.
“Since we want to give you as much as possible for free, we hope you understand when we ask you to pay some unavoidable costs, which you can control.”
The bank said it will also charge customers “hassle fees” in certain cases.
“You are charged a hassle fee when you’ve done something silly, such as exceeding the spending limits of your chosen card, or if you blocked your card and then tried to use it, basically anything that we incurred at a cost from another bank without being able to complete the transaction.
“But this is totally under your control and there should be no reason why we charge you a hassle fee,” it read.
- If you use your card to withdraw cash at an ATM, you will be charged R9 for every R1000 you withdraw. For a cash withdrawal of R500 or R1,000, you will be charged R9 at an ATM. For a cash withdrawal of R2,000, you will be charged R18 at an ATM, etc;
- If you make cash withdrawals without a card, using the money transfer function and then accessing the cash at Checkers, Shoprite, Usave, you will be charged R8.50 for any amount up to the maximum limit of R3,000.
- If you use your card to withdraw cash directly at a retailer – including PnP, Spar, Checkers, Shoprite – you will be charged R2.
Read: African Bank to cut staff amid restructuring, with a third of employees affected
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