Bank Zero is planning a gradual move from its current beta testing to a public launch with people who supplied their details on the Bank Zero website next year.
This is feedback from Bank Zero founder Michael Jordaan, who was responding to questions from MyBroadband.
In May Jordaan said Bank Zero planned to launch a controlled public beta early in the second half of 2020.
The new digital bank published its pricing guide for individual and business customers in October, but a public launch has been pushed out to 2021.
Bank Zero CEO Yatin Narsai said they will not be doing a “big bang” launch, especially this late in the year with many people already away on leave.
Instead of a big launch, Bank Zero said it will learn from customer feedback and incorporate such feedback before opening the gates.
Narsai said this approach will allow them to manage volumes and incorporate important customer feedback.
“Our transition to public availability will be fast but controlled,” Narsai said. “The transition happens early 2021.”
Bank Zero account pricing
Bank Zero only offers one account type because it doesn’t believe in the practice of luring customers in with an entry-level account that has limited functionality.
The same pricing structure is offered across individual and business banking. It currently supports (Pty) Ltd’s, CCs, and Sole Proprietors, with trusts and partnerships to be included at a later date.
|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|