Go Banking launched its new pricing structure this month, scraping certain fees and simplifying others.
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The bank is limiting its bank charges on the Go Account and Credit Card to R1, R2, R3, R5 and R15 per transaction where ever possible. For example, customers withdrawing cash from a Nedbank ATM would previously pay withdrawal fees of R2+80c/R100 per transaction. Under the new fee structure, the cost is R1/R100 per withdrawal. For a debit order "stop-payment" instruction, the fee has been reduced from R16 to R15.
The bank has also done away with fees such as the R2 on a statement enquiry and cellphone top-ups at a Nedbank ATM. All SMS banking fees remain free to encourage the adoption of this new channel.
Keeping with the business's philosophy to promote saving, Go Banking customers don't pay for most transaction whilst they have R5,000 or more in their Go Account accounts, including:
- Monthly minimum service fees
- Cash withdrawals from Pick n Pay tillpoints
- Cheque deposits at Pick n Pay tillpoints, Nedbank ATM's or over the counter
- Combined purchase and withdrawal from a Pick n Pay till
- Debit orders, stop orders and accounts payments
- Card purchase - MasterCard debit or ATM Mestro cards
