The costs between over the counter banking and electronic and cell phone banking differ. Electronic banking, however, is the cheapest way to transact through your bank as it does not require the customer to interact with staff. “Due to the absence of human resources during digital banking usage the bank is able to pass the cost saving benefit on to the customer,” notes FNB Banking Channels.
Over the counter banking, one of the most expensive ways to transact, refers to banking transaction that you do in the bank (in the branch) via one of the tellers, as opposed to via an ATM or internet banking.
The transaction fees for over the counter banking often work out more than if you were to make use of an automated transfer system such as an ATM or internet banking, as the bank has to cover staffing costs.
The over the counter charges differ according to account type, as well as the type of transaction, for example a cash deposit or a withdrawal. However, some transactional accounts include a few over the counter services in the monthly fees.
Below is one example of a normal transactional account and one example of a private banking account for Absa, Nedbank, First National Bank (FNB) and Standard Bank, to illustrate the cost of over the counter services, as well as how they do, or do not differ for normal and private banking clients.
Absa
The Absa Gold value bundle account has a monthly service fee of R98. These fees include five Absa ATM cash deposits and five withdrawals, unlimited debit card purchases and point-of-sale (POS) cash withdrawals, unlimited electronic account and beneficiary payments, as well as unlimited funds transfers and internal payments and electronic information enquiries.
However, over the counter, or in branch transactions are not included in these fees. You have to pay on a pay-as-you-transact basis for over the counter services.
The pay-as-you-transact fees for in branch services with the Absa Gold account are as follows*:
| Transaction | Cost for a single transaction |
| Balance enquiries | R3.35 |
| Full bank statement | R16.00 |
| Deposit | R16.00 |
| Withdrawal | R40 + R1.50 per R100 (maximum R750) |
| Account payments and funds transfers | R40 |
For Absa private banking clients some over the counter services are included in the monthly fees. For example, the Absa Private Bank Cheque accounts have a management fee option with a monthly fee of R270. This includes in branch cheque deposits, cash withdrawals, account payments and funds transfers.
The over the counter services that you pay for include*:
| Transaction | Cost for a single transaction |
| Cash deposit | R7.00 + R1.45 per R100 |
| Mini-statement | R8 |
| Full bank statement | R16 |
| Balance enquiries | R3.35 |
Nedbank
The Nedbank Savvy Plus Account has a monthly account maintenance fee of R99. This includes an array of free electronic payment options, as well as free electronic deposits, balance enquiries and statements. However, all over the counter services in the branch are excluded from the maintenance fee.
Cost of transaction carried out at the branch*:
| Transaction | Cost for a single transaction |
| Interaccount transfers | R30 |
| Payments to a Nedbank account | R45 |
| Payments to an account at another bank | R45 |
| Balance enquiries | R4 |
| Transaction list | R12 |
The Nedbank Product Suite current account from Nedbank Private Wealth has two options: the Gold plan and the Platinum plan. The Gold plan has a monthly maintenance fee of R76, while the Platinum plan has a monthly maintenance fee of R330. The over the counter transactions that are included in both of these plans are cheque deposits, a balance enquiry, a transaction list, and an interaccount transfer.
For other over the counter services, the fees are as follows:
| Transaction | Cost for a single transaction |
| Cash deposit | R6 + R1.28 per R100 or part thereof |
| Cash withdrawal | R25 + R1.28 per R100 or part thereof |
| Bank-guaranteed cheque | R50 |
| Bank’s own cheque | R50 |
| Stop-payment instruction | R44 |
| Special clearance of a cheque deposited in a branch | R80 |
| Immediate clearance fee | R65 |
| Archive image of deposit slip/cheque/statement for more than 90 days in a branch | R11 |
| Manual-payment fees: Nedbank to Nedbank | R50 |
| Manual-payment fees: Nedbank to other bank | R90 |
First National Bank
FNB Banking Channels revealed: “FNB’s Mobile and Online Banking strategy is to give customers the freedom to bank on their own terms without needing to go to branches or ATMs. Therefore, over 85% of transactions are available on digital channels.”
For many of the FNB accounts, the mobile and online banking services are free, whereas many of the over the counter banking services incur additional charges.
The FNB Gold Cheque account has a monthly fee or R95 for the unlimited option, and R105 for the standard option. For the standard option you need a minimum balance in your cheque account of R5 000, as well as a minimum balance in your linked Savings Pocket of R10 000.
For both of these options, you enjoy free online and cell phone banking subscriptions, allowing you to make free linked account transfers and payments using mobile and echannels.
However, you pay for most services carried out in an FNB branch (over the counter services). The monthly fees do allow for free scheduled repayments, both the establishment and amendment of these, for free. You also get your first official monthly statement that you collect from an FNB branch for free.
Over the counter services charges:
| Transaction | Gold Cheque account | Platinum Cheque account |
| Cash withdrawals | R43 + 1.61% of the withdrawal value | R23 + 1.61% of the withdrawal value |
| Linked account transfers | R43 | R23 |
| Payments | R80 | R80 |
| Cancel debt order (stop payment) | R43 | R43 |
| Cash deposit | 1.51% of the deposit value (minimum R22) | 1.51% of the deposit value (minimum R22) |
| Balance enquiries | R4.20 | R4.20 |
| Historical statements older than three months | R13 per statement | R13 per statement |
| Provisional statement | R13 per page | R13 per page |
| Copies of vouchers (deposit slips and cheques) | R20 per side | R20 per side |
The FNB Private Wealth Account bundled pricing option allows for unlimited electronic transactions and unlimited FNB and non-FNB ATM cash withdrawals. The bundled account has a monthly account fee of R349.
Several over the counter services are included in the monthly account fee, such as stop payments, scheduled payments and balance enquiries.
Over the counter services that are excluded include:
| Transaction | Cost for a single transaction |
| Linked account transfers | R43 |
| Payments | R43 |
| Cash withdrawals | R43 + 1.61% of the withdrawal value |
| Cheque deposits | R20 |
| Cash deposits | 1.51% of deposit value (minimum R43) |
| Provisional monthly statement | R13 per page |
| Cash Swap Fee (Swapping of coins for notes in Branch or visa versa) | 1.61% of cash value |
“Transactions that cannot be done on digital channels include transactions that include original documentation and transactions that require proof of receipt via bank stamps (such as FICA),” added FNB Banking Channels.
To view a full list of FNB’s transactional costs, click here.
Standard Bank
The Standard Bank Elite banking account has a monthly management fee of R95. This includes a variety of services, such as unlimited electronic transactions, as well as one branch cash withdrawal.
For other over the counter services, the fees are as follows:
| Transaction | Cost for a single transaction |
| Cheque deposits | R25 |
| Cash deposits | R11 + 1.25% of value |
| Cash withdrawals using a cheque card, credit card or debit card | R33 + 1.35% of value |
| Branch inter-account transfers and account payments (to Standard Bank third parties) | R42 |
| Balance enquiries and mini-statements | R6.50 |
| Provisional statements | R30 |
| Transaction history: 60 days | R33 |
| Transaction history: 90 days | R11 |
| Transaction history: 180 days | R50 |
The Standard Bank Private Banking monthly management fee is R325, including unlimited electronic transactions and two branch cash withdrawals, as well as free PIN-reset in the branch.
The over the counter fees that apply are:
| Transaction | Cost for a single transaction |
| Balance enquiries and mini-statements | R6.50 |
| Provisional statements | R30 |
| Transaction history: 60 days | R33 |
| Transaction history: 90 days | R11 |
| Transaction history: 180 days | R50 |
The fees charged for over the counter banking vary from relatively cheap to expensive. Before making use of over the counter banking, see which of these services are included in your banking fees, and which you will have to pay for.
Many of these services are also available via internet and cell phone banking, with some of the accounts at the various banks offering these services as part of your monthly banking fees, meaning that you don’t have to go into the bank at all and pay those additional fees.
*All fees accurate at time of publication, 4 May 2015
**Absa, Nedbank and Standard Bank could not provide comment at the time of publication
