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CAPE TOWN -  Due to the new VAT increase to 15% Standard Bank and Capitec have confirmed that they will be hiking banking fees. 

The changes will take effect from 1 April 2018.

Other Banks such as Absa, Nedbank, and FNB have yet to publish updated fee booklets. Standard Bank took to its website to announce the updated fee schedule and Capitec published a flyer notifying customers of the changes.

READ ALSO: Standard Bank reports a 14% rise

Below are the changes to Standard Bank’s fees for its mid-market Elite Banking account.

Standard Bank Elite Account 2018 Fees (old) R500 transaction (old) 2018 Fees (with 15% VAT) R500 transaction (new) % Change
Withdrawal (Native) R1.80 per R100 R9.00 R1.82 per R100 R9.10 1.1%
Withdrawal (Other) R8.00 + R1.80 per R100 R17.00 R8.07 + R1.82 per R100 R17.17 1.0%
Withdrawal (POS) R1.80 R1.80 R1.82 R1.82 1.1%
Deposit (ATM) R1.80 per R100 R9.00 R1.82 per R100 R9.10 1.1%
Debit order (internal) R4.50 R4.54 0.9%
Debit order (external) R16.50 R16.64 0.8%
Account fee (PAYT) R60.00 R60.53 0.9%

Below, here are Capitec’s Global One account, for a selection of common transactions.

Capitec Global One 2018/19 Fees (old) R500 transaction (old) 2018/19 Fees (with 15% VAT) R500 transaction (new) % Change
Withdrawal (Native) R6.50 R6.50 R6.56 R6.56 0.9%
Withdrawal (Other) R8.75 R8.75 R8.83 R8.83 0.0%
Withdrawal (POS) R1.60 R1.60 R1.61 R1.61 0.6%
Deposit (ATM) 95c /R100 R4.75 96c per R100 R4.80 1.0%
Account fee (PAYT) R5.75 R5.80 0.9%

Additionally, most other prices have increased by approximately 1%.

File Image: Capitec  Picture: Armand Hough/ANA/African News Agency
File Image: Capitec Picture: Armand Hough/ANA/African News Agency

READ ALSO: Capitec is back to normal - CEO Gerrie Fourie

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- BUSINESS REPORT ONLINE