Digital banking group Bank Zero has updated its fees for 2024, keeping its transactions in line with its ‘zero fee’ promise.
The group’s fees are largely unchanged, with the list of zero-rated transactions remaining in place.
There have been small changes with other fees, however.
- The card personalisation and delivery fee has been reduced from R119 to R99 (+R30 for delivery to remote areas)
- The Clicks delivery has decreased from R69 to R59
- Adding another account now costs R50 instead of R100
- Cash withdrawals at foreign ATMs or POS incur a minimum fee of R45
- Chargebacks on card transactions incur a fee of R50
Michael Jordaan, chair of Bank Zero, said that the bank has managed to keep its zero-fee promise for four years running.
“Some believed this was a gimmick, but in fact it’s fundamental to who we are. There’s one pricing structure for all our customers, and those fees that are zero will stay zero,” he said.
Bank Zero offers free core banking, with only extras being charged. It has a single pricing structure that applies to both individuals and businesses of all sizes.
The bank uses biometric technology to protect customer accounts, while patented card technology prevents card skimming and online card fraud.
Since it launched in Oct 2021 , Bank Zero has attracted a disproportionately large percentage of business accounts, a trend that has been accelerated by the introduction of its full commercial banking offer earlier this year.
The new fee schedule can be seen below: