Nedbank has reduced the fees on its low-cost Mzansi bank accounts for the third time this year and has introduced debit and stop order facilities on these accounts.
Although it is not the first of the four major banks to offer debit order facilities on its Mzansi accounts, Nedbank claims that the fees for debit and stop orders on its accounts are the cheapest among the four banks.
Nedbank will charge R1 for debit orders paid to Nedbank accounts and R2 for debit orders paid to accounts at other banks.
The new reduced fees are applic-able from December 1 and include a 10 percent reduction in Nedbank ATM withdrawal fees, which fall from R4.45 to R4. The cost of topping up airtime on your cellphone from a Nedbank Mzansi account has also been drastically reduced from R4.45 to R1.
The cost of obtaining a statement at a branch has been reduced from R3 to R2. Mzansi accountholders can now obtain a cheque to pay a third party from the bank at a cost of R10 instead of R19.
Earlier this month, Nedbank said that it has developed cellphone-based software for merchants to process credit card payments.
The bank says its iMPi technology will be cheaper than using point-of-sale terminals. It is aimed at bed-and-breakfast establishments, lodges and passenger transfer businesses, and service providers who need to be mobile, such as plumbers, electricians and couriers, as well as small medical practices, such as speech therapists.