{"id":332139,"date":"2019-07-30T11:34:46","date_gmt":"2019-07-30T09:34:46","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=332139"},"modified":"2019-07-30T11:34:46","modified_gmt":"2019-07-30T09:34:46","slug":"here-are-discoverys-new-banking-fees","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/332139\/here-are-discoverys-new-banking-fees\/","title":{"rendered":"Here are Discovery’s new banking fees"},"content":{"rendered":"

Discovery Bank is opening its doors to new customers, following a trial period, and has published its banking fee schedules across all its new bundled accounts.<\/p>\n

The bank has three cards available to new clients, Gold, Platinum or Black. A fourth Purple card is exclusively invite-only.<\/p>\n

The group’s entry-level account is a pay-as-you-transact (PAYT) Gold account, which carries a monthly fee of R5, with an additional R5 charge for the Vitality Money subscription (R10 per month, total).<\/p>\n

Discovery Bank claims to be the world\u2019s first \u201cbehavioural bank\u201d, through which it will offer rewards and incentives to drive clients to \u2018healthier\u2019 banking options.<\/p>\n

Vitality Money is an offshoot of the Vitality Health programme, which aims to help customers improve their financial standing, and educate them on how to better handle their money.<\/p>\n

Other accounts, across Gold, Platinum and Black, have different total fees depending on the type of account: a transactional account, or a credit account with an overdraft.<\/p>\n

The PAYT accounts carry the lowest fees, ranging between R10 (Gold PAYT) and R125 (Black credit). Bundled accounts range between R120 per month (Gold transaction) to R380 a month (Black credit card + transaction).<\/p>\n

The full fee schedules are below:<\/p>\n

\n

Pay as you transact – Transactional account<\/strong><\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Monthly Fees<\/th>\nBlack<\/th>\nPlatinum<\/th>\nGold<\/th>\n<\/tr>\n
Monthly fee<\/td>\nR60<\/td>\nR30<\/td>\nR5<\/td>\n<\/tr>\n
Vitality Money premium<\/td>\nR25<\/td>\nR15<\/td>\nR5<\/td>\n<\/tr>\n
Transaction Fees<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Cash withdrawal at local ATM<\/td>\nR4.50 + 1.5% of withdrawn amount<\/td>\nR4.50 + 1.5% of withdrawn amount<\/td>\nR4.50 + 1.5% of withdrawn amount<\/td>\n<\/tr>\n
Cash withdrawal at point-of-sale<\/td>\nR2<\/td>\nR2<\/td>\nR2<\/td>\n<\/tr>\n
Cash withdrawal international ATM<\/td>\nR65<\/td>\nR65<\/td>\nR65<\/td>\n<\/tr>\n
Debit orders<\/td>\nR3.75<\/td>\nR3.75<\/td>\nR3.75<\/td>\n<\/tr>\n
Payments<\/td>\nR2.50<\/td>\nR2.50<\/td>\nR2.50<\/td>\n<\/tr>\n
Real-time payments<\/td>\nR10<\/td>\nR10<\/td>\nR10<\/td>\n<\/tr>\n
Discovery Pay<\/td>\nR2.50<\/td>\nR2.50<\/td>\nR2.50<\/td>\n<\/tr>\n
Other fees<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Inter-account transfers<\/td>\nFree<\/td>\nFree<\/td>\nFree<\/td>\n<\/tr>\n
Payment notifications<\/td>\nFree<\/td>\nFree<\/td>\nFree<\/td>\n<\/tr>\n
Account notifications<\/td>\nFree<\/td>\nFree<\/td>\nFree<\/td>\n<\/tr>\n
Returned debit order<\/td>\nFree<\/td>\nFree<\/td>\nFree<\/td>\n<\/tr>\n
Declined transactions<\/td>\nFree<\/td>\nFree<\/td>\nFree<\/td>\n<\/tr>\n
Single credit facility initiation fee<\/td>\nR165<\/td>\nR165<\/td>\nR165<\/td>\n<\/tr>\n
Single credit fee<\/td>\nR30<\/td>\nR30<\/td>\nR30<\/td>\n<\/tr>\n
Currency conversion fee<\/td>\n2.75%<\/td>\n2.75%<\/td>\n2.75%<\/td>\n<\/tr>\n
Card replacement fee<\/td>\nR150<\/td>\nR150<\/td>\nR150<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n
\n

Pay as you transact – Credit account<\/strong><\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Monthly Fees<\/th>\nBlack<\/th>\nPlatinum<\/th>\nGold<\/th>\n<\/tr>\n
Monthly fee<\/td>\nR110<\/td>\nR60<\/td>\nR30<\/td>\n<\/tr>\n
Vitality Money premium<\/td>\nR45<\/td>\nR30<\/td>\nR15<\/td>\n<\/tr>\n
Transaction Fees<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Cash withdrawal at local ATM<\/td>\nR4.50 + 1.5% of withdrawn amount<\/td>\nR4.50 + 1.5% of withdrawn amount<\/td>\nR4.50 + 1.5% of withdrawn amount<\/td>\n<\/tr>\n
Cash withdrawal at point-of-sale<\/td>\nR2<\/td>\nR2<\/td>\nR2<\/td>\n<\/tr>\n
Cash withdrawal international ATM<\/td>\nR65<\/td>\nR65<\/td>\nR65<\/td>\n<\/tr>\n
Debit orders<\/td>\nR3.75<\/td>\nR3.75<\/td>\nR3.75<\/td>\n<\/tr>\n
Payments<\/td>\nR2.50<\/td>\nR2.50<\/td>\nR2.50<\/td>\n<\/tr>\n
Real-time payments<\/td>\nR10<\/td>\nR10<\/td>\nR10<\/td>\n<\/tr>\n
Discovery Pay<\/td>\nR2.50<\/td>\nR2.50<\/td>\nR2.50<\/td>\n<\/tr>\n
Other fees<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Inter-account transfers<\/td>\nFree<\/td>\nFree<\/td>\nFree<\/td>\n<\/tr>\n
Payment notifications<\/td>\nFree<\/td>\nFree<\/td>\nFree<\/td>\n<\/tr>\n
Account notifications<\/td>\nFree<\/td>\nFree<\/td>\nFree<\/td>\n<\/tr>\n
Returned debit order<\/td>\nFree<\/td>\nFree<\/td>\nFree<\/td>\n<\/tr>\n
Declined transactions<\/td>\nFree<\/td>\nFree<\/td>\nFree<\/td>\n<\/tr>\n
Single credit facility initiation fee<\/td>\nR165<\/td>\nR165<\/td>\nR165<\/td>\n<\/tr>\n
Single credit fee<\/td>\nR30<\/td>\nR30<\/td>\nR30<\/td>\n<\/tr>\n
Currency conversion fee<\/td>\n2.75%<\/td>\n2.75%<\/td>\n2.75%<\/td>\n<\/tr>\n
Card replacement fee<\/td>\nR150<\/td>\nR150<\/td>\nR150<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

Bundled accounts<\/strong><\/p>\n

The Gold account has a fixed monthly fee of R90, and includes four free withdrawals at any local ATM, and unlimited withdrawals at point-of-sale.<\/p>\n

However, if customers exceed these bundled limits, a withdrawal fee of R4.50 plus 1.5% of the withdrawn amount<\/strong> will be charged.<\/p>\n

For the Platinum account, at R135 a month, the bundled limit is eight free withdrawals, and for for the Black account, withdrawals are unlimited – but the fixed monthly fee is R325 a month.<\/p>\n

The monthly account fee excludes a Vitality Money premium, which is charged at R55, R45 and R35 for Black, Platinum and Gold accounts, respectively.<\/p>\n

Unlimited transactions carry an unspecified fair use policy, and once all free transactions are used up, normal rates (PAYT) apply.<\/p>\n

The table below outlines Discovery’s bundled account fees<\/strong>:<\/p>\n

\n

Bundled – Transactional account<\/strong><\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Monthly Fees<\/th>\nBlack<\/th>\nPlatinum<\/th>\nGold<\/th>\n<\/tr>\n
Monthly fee<\/td>\nR250<\/td>\nR180<\/td>\nR105<\/td>\n<\/tr>\n
Vitality Money premium<\/td>\nR25<\/td>\nR15<\/td>\nR15<\/td>\n<\/tr>\n
Transaction Fees<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Cash withdrawal at local ATM<\/td>\nUnlimited<\/td>\n8 free<\/td>\n4 free<\/td>\n<\/tr>\n
Cash withdrawal at point-of-sale<\/td>\nUnlimited<\/td>\nUnlimited<\/td>\nUnlimited<\/td>\n<\/tr>\n
Cash withdrawal international ATM<\/td>\nR65<\/td>\nR65<\/td>\nR65<\/td>\n<\/tr>\n
Debit orders<\/td>\nUnlimited<\/td>\nUnlimited<\/td>\nUnlimited<\/td>\n<\/tr>\n
Payments<\/td>\nUnlimited<\/td>\nUnlimited<\/td>\nUnlimited<\/td>\n<\/tr>\n
Real-time payments<\/td>\nR10<\/td>\nR10<\/td>\nR10<\/td>\n<\/tr>\n
Discovery Pay<\/td>\nUnlimited<\/td>\nUnlimited<\/td>\nUnlimited<\/td>\n<\/tr>\n
Other fees<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Inter-account transfers<\/td>\nFree<\/td>\nFree<\/td>\nFree<\/td>\n<\/tr>\n
Payment notifications<\/td>\nFree<\/td>\nFree<\/td>\nFree<\/td>\n<\/tr>\n
Account notifications<\/td>\nFree<\/td>\nFree<\/td>\nFree<\/td>\n<\/tr>\n
Returned debit order<\/td>\nFree<\/td>\nFree<\/td>\nFree<\/td>\n<\/tr>\n
Declined transactions<\/td>\nFree<\/td>\nFree<\/td>\nFree<\/td>\n<\/tr>\n
Single credit facility initiation fee<\/td>\nR165<\/td>\nR165<\/td>\nR165<\/td>\n<\/tr>\n
Single credit fee<\/td>\nR30<\/td>\nR30<\/td>\nR30<\/td>\n<\/tr>\n
Currency conversion fee<\/td>\n2.75%<\/td>\n2.75%<\/td>\n2.75%<\/td>\n<\/tr>\n
Card replacement fee<\/td>\nR150<\/td>\nR150<\/td>\nR150<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n
\n

Bundled – Full banking suite (Transactional and Credit)<\/strong><\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Monthly Fees<\/th>\nBlack<\/th>\nPlatinum<\/th>\nGold<\/th>\n<\/tr>\n
Monthly fee<\/td>\nR325<\/td>\nR135<\/td>\nR90<\/td>\n<\/tr>\n
Vitality Money premium<\/td>\nR55<\/td>\nR45<\/td>\nR35<\/td>\n<\/tr>\n
Transaction Fees<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Cash withdrawal at local ATM<\/td>\nUnlimited<\/td>\n8 free<\/td>\n4 free<\/td>\n<\/tr>\n
Cash withdrawal at point-of-sale<\/td>\nUnlimited<\/td>\nUnlimited<\/td>\nUnlimited<\/td>\n<\/tr>\n
Cash withdrawal international ATM<\/td>\nUnlimited<\/td>\nR65<\/td>\nR65<\/td>\n<\/tr>\n
Debit orders<\/td>\nUnlimited<\/td>\nUnlimited<\/td>\nUnlimited<\/td>\n<\/tr>\n
Payments<\/td>\nUnlimited<\/td>\nUnlimited<\/td>\nUnlimited<\/td>\n<\/tr>\n
Real-time payments<\/td>\nUnlimited<\/td>\nR10<\/td>\nR10<\/td>\n<\/tr>\n
Discovery Pay<\/td>\nUnlimited<\/td>\nUnlimited<\/td>\nUnlimited<\/td>\n<\/tr>\n
Other fees<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Inter-account transfers<\/td>\nFree<\/td>\nFree<\/td>\nFree<\/td>\n<\/tr>\n
Payment notifications<\/td>\nFree<\/td>\nFree<\/td>\nFree<\/td>\n<\/tr>\n
Account notifications<\/td>\nFree<\/td>\nFree<\/td>\nFree<\/td>\n<\/tr>\n
Returned debit order<\/td>\nFree<\/td>\nFree<\/td>\nFree<\/td>\n<\/tr>\n
Declined transactions<\/td>\nFree<\/td>\nFree<\/td>\nFree<\/td>\n<\/tr>\n
Single credit facility initiation fee<\/td>\nR165<\/td>\nR165<\/td>\nR165<\/td>\n<\/tr>\n
Single credit fee<\/td>\nR30<\/td>\nR30<\/td>\nR30<\/td>\n<\/tr>\n
Currency conversion fee<\/td>\n2.75%<\/td>\n2.75%<\/td>\n2.75%<\/td>\n<\/tr>\n
Card replacement fee<\/td>\nR150<\/td>\nR150<\/td>\nR150<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

Discovery’s pay as you transact fees were not available at the time of publishing, but will be added as soon as they are published.<\/p>\n

\n

Read: Discovery Bank will convert miles into e-money<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Discovery Bank is opening its doors to new customers, following a trial period, and has published its banking fee schedules across all its new bundled accounts.<\/p>\n","protected":false},"author":10,"featured_media":284182,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[961],"tags":[4883,26],"class_list":["post-332139","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-discovery","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/332139","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=332139"}],"version-history":[{"count":7,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/332139\/revisions"}],"predecessor-version":[{"id":332171,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/332139\/revisions\/332171"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/284182"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=332139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=332139"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=332139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}