South Africa's zero-fee banks

[Daniel Puchert]

Zero-fee bank account battle

There are several bank accounts available in South Africa that don't charge any fixed monthly fees while still offering extensive day-to-day transactional capabilities.

Some of these products are provided by digital-first upstart banks like TymeBank and Bank Zero, which have fewer staff, less physical infrastructure, and the latest technology unencumbered by legacy systems.

 

[SauRoNZA]

Headline says zero fees...and then the article has a chart of all their fees, with not a single one that has no fees.

Make it make sense.

Do you not know what ZERO means MyBB? The headline is a blatant lie and pretty much amounts to false advertising.

 

[aktiv]

Corporate SA learned from the Mobile Industery which got away with their "uncapped data" marketing

 

[supersunbird]

Headline says zero fees...and then the article has a chart of all their fees, with not a single one that has no fees.

Make it make sense.

Do you not know what ZERO means MyBB? The headline is a blatant lie and pretty much amounts to false advertising.

No monthly account fee. Pay as you use.

 

[SauRoNZA]

No monthly account fee. Pay as you use.

Then the headline should be accurate to that statement…not lie outright and intentionally for clicks.

 

[ProfA]

MyBB. Award winning journalism

 

[supersunbird]

Then the headline should be accurate to that statement…not lie outright and intentionally for clicks.

Can you give an example of a suitable headline?

 

[rvZA]

A Zero-Fee Bank Definition:

A banking institution which is better at hiding its fees than its competitors.

No such thing as zero-fee banks. Every single bank needs to charge fees to pay expenses, overheads, salaries and more. Money, to contrary believe, does not grow on trees or mysteriously comes from toilets.

 

[epah]

Pay as you go is a scam.

 

[SauRoNZA]

Can you give an example of a suitable headline?

Simply adding the word monthly.

The headline is intentionally disingenuous.

Stating zero-fee implies no fees of any kind.

 

[SeaSickMama]

FNB are always over complicated and useless with Pricing....

 

[NarrowBandFtw]

The major banks have responded with their own zero-monthly-fee or low-cost pay-as-you-go products

making it sound like the major banks responded with low fee products because of Tyme or Bank Zero is disingenuous

the major banks' low fee products all predate Tyme and Bank Zero, because it was a response to Capitec who was eating their lunch and now is one of the major banks itself

 

[ProfA]

A Zero-Fee Bank Definition:



No such thing as zero-fee banks. Every single bank needs to charge fees to pay expenses, overheads, salaries and more. Money, to contrary believe, does not grow on trees or mysteriously comes from toilets.

Any well run half decent bank shouldn't charge a cent in fees. They could be easily profitable from the hundreds of trillions they make in interest charges from loaning out your money.

 

[rvZA]

Any well run half decent bank shouldn't charge a cent in fees. They could be easily profitable from the hundreds of trillions they make in interest charges from loaning out your money.

Many tried this before. It does not work.