Standard Bank has announced that all customers who open a MyMo account between now and June 15 will get certain fees waived over the next six months.
Photo: Karen Sandison African News Agency (ANA)
Standard Bank has announced that all customers who open a MyMo account between now and June 15 will get certain fees waived over the next six months. Photo: Karen Sandison African News Agency (ANA)

Standard Bank waives MyMo fees for six months

By Dhivana Rajgopaul Time of article published May 25, 2020

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DURBAN - Standard Bank has announced that all customers who open a MyMo account between now and June 15 will get certain fees waived over the next six months. 

Amid the Covid-19 outbreak, Standard Bank is trying to make it easier, more affordable and safer for customers to transact.

MyMo is Standard Bank’s low-cost bank account, which can be opened via the Standard Bank web, Standard Bank App or by visiting the branch. 

The following fees will be waived, every month, for the next six months:

1. MyMo monthly management fee of R4.95

2. ATM cash withdrawal fees up to R2000 at Standard Bank ATMs

3. Instant Money fees, for vouchers below R1000

Standard Bank offers a wide-range of banking features that include the ability for customers to open an account using their mobile phone. This eliminates the need to collect documentation or the need to visit a physical branch to open an account. Instead, customers can sign up by simply taking a selfie on the Banking App.

Those who wish to open a MyMo account but don’t have Internet access, can visit their nearest branch where a Standard Bank employee will help them open an account, the customer only needs to bring their ID document.

"We understand the pressures that ordinary South Africans are facing at this time," said Tshiamo Molanda, Head: Everyday Banking Main Market at Standard Bank. 

Molanda added, "By waiving the fees associated to the MyMo account, we hope to help ease the financial burdens of individuals. We want our customers to have piece of mind that they can get their salary or any funds deposited into a MyMo account without having to worry about fees". 

Standard Bank remains committed to providing support and relief to individuals and businesses and to make it easier for people to access solutions that will help them get through the current period.

The bank has launched significant improvements to its mobile banking app. The updated version of the app will allow customers to perform even more banking functions online as opposed to having to go into a branch to do so

The improvements on the app range across personal and business banking solutions and are immediately available said Andrew van der Hoven, head of digital banking at Standard Bank.

These are four new functions of the Standard Bank app.

1. Stop payment

2. Home Services Tax Certificates

3. Card Straight-through

4. Unsecured Business Lending – Overdraft:  

BUSINESS REPORT ONLINE

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