The Bank Zero mutual bank in South Africa has announced its fees for 2023, maintaining its policy of zero charges for several basic banking transactions.
“Basic banking should be free and extras should be paid for – not [the] other way round. That means all monthly and annual fees on all accounts are zero. Whether you are an individual or a business, and whichever income or turnover group you are in, you pay zero,” the bank says in its latest pricing FAQs.
It also claims to be the first bank in South Africa to charge zero for EFT payments and zero for debit orders. Payments to other Bank Zero customers, transfers and card swipes are also free.
2023 Bank Zero fees in South Africa
According to Bank Zero’s 2023 pricing guide for South Africa, there are zero fees for basic transactions, third party costs that are passed onto customers and fees for optional value-added services.
Zero fees
If you’re a Bank Zero customer, you can perform the following transactions for free:
- Zero account monthly fee.
- Zero account minimum balance.
- Add savings accounts or notice accounts.
- Add a business profile.
- Add a child.
- Friend people to accounts (e.g., family, club, stokvel).
- Transfer money between accounts.
- Pay another bank’s customer using their account number (EFT).
- Pay a Bank Zero customer using their account number (EFT).
- Pay a Bank Zero customer using their cell number (SendMoney).
- Pay a Bank Zero customer using their QR code.
- Pay by card – local & international card.
- Pay by card – mark-up on international transactions posted in ZAR.
- Pay a debit order.
- Buy prepaid data, airtime, electricity, etc.
- Send proof of payment via email.
- Receive notifications on activity on account or profile.
- Receive monthly statement via email – also available from App.
- Request previous statements within 3 months.
- Request account.
“Add as many accounts as you want; whether you want more check accounts, or more savings or notice accounts – the monthly fees remain zero,” the bank adds.
Third party costs
The bank will pass on third party costs to customers for the following transactions:
| Transaction | Fee |
|---|---|
| Card personalise & deliver to Clicks store | R69 |
| Card personalise & deliver to street address in most cities (or back of beyond) | R119 (159) |
| Request balance at ATM & POS | R2 |
| Withdraw cash at ATM – local & international | R9 per R1,000 block |
| Withdraw cash at POS – PnP, Spar, Shoprite Group | R2 |
| Withdraw cash without card – use SendMoney & cash-out at Shoprite Group | R8.50 |
| Send cash to non-customer – use SendMoney & cash-out at Shoprite Group | R8.50 |
| Deposit cash at POS – Shoprite Group (max R3k), PnP (max R5k) | Ask retailer |
| Nuisance fees | R2 |
| Send proof of payment via SMS (email is free) | R1.50 |
Transactions that would attract the “nuisance fees” indicated in the table above include the following:
- Insufficient funds (card, debit order, scheduled payment/transfer).
- Exceeding chosen limits.
- Card set to ‘Lock’ or ‘ATM off’, or card locked after 3 wrong PINs.
- Using new card before activating it or using old uncancelled card.
“If you use your card to withdraw cash at an ATM, you will be charged R9 per every R1,000 that you withdraw,” Bank Zero explains.
“What does this mean? For both a R500 or a R1,000 cash withdrawal, you will be charged R9 at an ATM. For a R2,000 cash withdrawal, you will be charged R18 at an ATM; etc.”
Fees for optional value-added services
Bank Zero will charge you for the following value-added services:
| Service | Fees |
|---|---|
| Add more check accounts | R100 to open |
| Request statements older than 3 months | R10 per statement |
| Receive money via Bank Zero QR code | 0.5% of amount |
| Dispute or stop a debit order (or card transaction) | R8 (R30) |
| Forex mark-up on international card transactions posted in foreign currency | 1% |
| Resetting App login PIN | R50 |
| If no transaction on a check account for more than 6 months | R5 per month |