The VAT increase comes amid higher prices for petrol and other consumables.
Reana Steyn, the Ombudsman for Banking Services, said consumers should rework their budgets and remember to include increases in their bank fees because of the VAT increase.
“This is a good time to assess the services you require for your personal and business banking needs, to shop around and see which bank has the most affordable fees for your needs. You may also check with your bank which fees can be negotiated,” Steyn said.
“Banks charge a variety of fees for different types of transactions. It is in your best interests to obtain the bank’s list of charges and calculate the least expensive costs for your banking requirements.”