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Banking on Zero fees

Business News 1 month ago

New bank enters a competitive market, where comparisons will be drawn to TymeBank, African Bank.


29 Oct 2020
PREMIUM!
Banking on Zero fees

US online sales surged on the traditional "Black Friday" to set the country's second-highest one-day mark ever as virus-wary Americans shunned in-person shopping, the Adobe software company reported Saturday. Image: iStock

Bank Zero has announced its account pricing as it edges closer to launch. The mutual bank is currently up and running in a closed beta for a small group of customers. As widely telegraphed (it’s in the name!), the bank will have no monthly account fee. However, to ensure customers actually use their ‘check’ accounts so that they do not become dormant, a fee of R5 a month is charged if there are no transactions in six months. Bank Zero says “basic banking should be free and extras should be paid for – not the other way round”. Typical free...

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