Bank Zero business account fees will remain similar to those for individual accounts in 2024, according to the mutual bank’s latest pricing guide released on Tuesday (7 November).
Most of the bank’s fees remain unchanged, with an extensive list of transactions that have zero charges still in place.
However, there are some changes for third-party costs and value-added services as follows:
- The card personalisation and delivery fee has decreased from R119 to R99. For delivery to remote areas, it has decreased from R149 to R129.
- The Clicks delivery rises from R49 to R59.
- Debit order rejection will no longer attract a fee.
- The fee for adding another check account is now R50, down from R100.
- A minimum fee of R45 will apply to cash withdrawals at foreign ATMs or POS.
- A fee of R50 will apply to chargebacks on card transactions.
Bank Zero has managed to keep its promise of zero fees for core transactions for four years since it was launched in 2021. “Some believed it was a gimmick, but in fact it’s fundamental to who we are,” its chairperson Michael Jordaan said.
“There’s one pricing structure for all our customers, and those fees that are zero will stay zero.”
The bank has attracted an increasing number of business account customers, especially after it introduced its full commercial banking offering this year.
2024 Bank Zero business and individual account fees
As stated above, Bank Zero business accounts and individual accounts have a similar pricing structure that will continue in 2024.
“Same pricing, same features for ALL individuals and businesses. No need to upgrade your account for more functionality. Pricing incl VAT,” the bank explained.
Transactions that will continue having zero fees include:
- Account monthly fee – zero.
- Account minimum balance – zero.
- Add savings account or notice account.
- Add a business profile.
- Add a child.
- Friend people to account (e.g., family, club, stokvel).
- Transfer money between accounts.
- Pay a debit order.
- 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 or foreign card fee.
- Pay by card – mark-up on foreign transactions posted in ZAR.
- Send proof of payment via email.
- Buy prepaid data, airtime, electricity, etc.
- Receive notifications on activity.
- Receive monthly statement via email or download from App – within 3 months.
- Request account confirmation letter or IT3B.
Third-party costs, such as transactions at retail stores, withdrawal at points of sale (POS) or nuisance fees, will be passed on to you.
- Card personalised & delivered to Clicks store: R59.
- Card personalised & delivered to street address in most cities (if remote +R30): R99.
- Request balance at ATM or at POS: R2.
- Withdraw cash at ATM – local & foreign (note: R45 min fee if foreign): R9/R1000 block.
- Withdraw cash at POS – local & foreign (note: R45 min fee if foreign): 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 group (max R5k): Ask retailer.
- Nuisance fees: R2. These include using new card before activating it (or using old card), using card when it’s set to ‘Lock’ or ‘ATM off’ or locked after 3 wrong PINs, exceeding chosen limits, and having insufficient funds (card, debit order, scheduled payment/transfer).
- Send proof of payment via SMS (but email is free): R1.50.
The charges for optional value-added services are as follows:
- Pay mark-up on foreign currency card transactions: Only 1%.
- Receive money via Bank Zero QR code: 0.5% of amount.
- Dispute or stop a debit order (new debit order rejection is Zero) R8.
- Chargeback a card transaction: R50.
- Add another check account: R50 to open.
- If no transactions on a check account for more than 6 months: R5/month.
- Statements older than 3 months (or download xls as far back as you want for Zero): R10/statement.
You can download the full Bank Zero pricing guide 2024 here.