Capitec has announced its new fee structure for the 2016 to March 2017 banking year.
Capitec currently offers only one account – the Global One – which targets both lower and middle-market customers.
The bank prides itself on its fixed fees, where it largely doesn’t charge clients based on the amount they transact with. For the 2016/17 period, the Global One account fee increased 5% to R5.25.
For the most part, transaction fees for 2016/17 tracked higher with the inflation rate, though some fees increased above inflation – such as cash handling or cheque handling services – due to increased risk and administration costs.
Capitec 2016/17 key fee changes
|Fee/Transaction||2015/16 Fee||2016/17 Fee||Change|
|Withdrawal (Cash at till)||R1.25||R1.30||4.0%|
|Deposit (ATM)||70c per R100||80c per R100||14.3%|
|Account fee (PAYT)||R5.00||R5.25||5.0%|
You can view Capitec’s full fee schedule for 2016/17 here.
The new banking fees take effect from 1 March 2016.
For a comparison, you can see BusinessTech’s coverage of banking fees for 2016, which has been updated with the new Capitec prices.