Bank Zero has published its pricing guide for individual and business customers, which details how much it will cost to use the mobile bank’s services.
Bank Zero noted that it only offers one account type, explaining that this is because it doesn’t believe in the practice of luring customers in with an entry-level account that has limited functionality.
“Although there have been some shifts in the industry towards bringing down the costs for individuals, the focus has only been on entry-level accounts, with customers then forced to pay more should they want to upgrade to better functionality,” said Bank Zero.
“With Bank Zero the same advanced payment functionality and real-time control are available to all customers.”
It also noted that the exact same pricing structure is offered across individual and business banking.
“Businesses still pay far too high basic banking fees,” said Bank Zero. “This brings much relief in bank costs to businesses.”
It noted that it currently supports all (Pty) Ltd’s, CCs, and Sole Proprietors, with the likes of trusts and partnerships to be included at a later date.
Bank Zero added that it is the first bank in South Africa to charge nothing for both EFT payments and debit orders, and also touted that it is free to open an account, maintain your account, swipe your card, make a transfer, and make payments to other Bank Zero customers.
Bank Zero closed beta goes live
This pricing information follows Bank Zero previously telling MyBroadband that it had launched its closed rollout.
“Bank Zero is live and is operating across six payment rails. The closed rollout has started,” said Bank Zero co-founder Michael Jordaan.
“Customers (individual and businesses) are being added in this closed rollout. It will then be followed by general public availability.”
He said that Bank Zero plans to be publicly available before the end of 2020.
Jordaan had previously explained that Bank Zero would select its public beta participants from those who had supplied their details on the Bank Zero website.
Bank Zero’s full pricing guide is detailed below.
|Bank Zero pricing|
|Monthly fee on account||R0|
|Minimum balance in any account||R0|
|Notifications on all banking activities||R0|
|Open more savings or notice accounts||R0|
|Transfer money between own accounts||R0|
|Pay recipient at another bank||R0|
|Pay recipient at Bank Zero||R0|
|Pay recipient at Bank Zero using their QR code||R0|
|Pay by debit order||R0|
|Pay by card||R0|
|Buy prepaid data, airtime, electricity, etc||R0|
|Send proof of payment via email||R0|
|Receive monthly statement via email or download||R0|
|Request previous statements within 3 months||R0|
|Request account confirmation level||R0|
|Set up new business profile||R0|
|SendMoney to Bank Zero recipient using their cell number (up to R3,000)||R0|
|SendMoney to self (up to R3,000): cardless cash at Checkers, Shoprite, Usave||R8,50|
|SendMoney to someone not at Bank Zero (max R3,000): cash out at at Checkers, Shoprite, Usave||R8,50|
|Draw cash at ATM||R9 per R1,000|
|Draw cash at Point of Sale (Pick n Pay, Spar, Checkers, Shoprite)||R2|
|Balance enquiry at Point of Sale or ATM||R2|
|Nuisance fees – Insufficient funds, exceeding card limits, card set to lock or ATM off, locked after 3 wrong pins, Using new card before activation, using old uncancelled card||R2|
|Card personalisation with delivery to a Clicks store||R79|
|Card personalisation with delivery to a street address (main/regional)||R139/R179|
|Send proof of payment via SMS||R1,50|
|Open additional check account on profile||R100|
|Request statements older than 3 months||R10 per statement|
|Receive money via a Bank Zero QR code||0.5% of amount|
|Dispute or stop debit order||R8|
|Dispute card transaction (ie chargeback)||R30|
|No transactions on check account for more than 6 months||R5 per month|