Bank Zero launches cash deposits and announces 2023 fees

Bank Zero has launched cash deposits at Shoprite and Pick n Pay — a feature it prioritised due to customer demand.

“Customers can deposit at any PnP or Shoprite till-point,” the bank stated.

“The fee is set by the retailer, and customers need to confirm this with the cashier before making the deposit.”

Deposits are available in the customer’s account immediately once their card and PIN are confirmed.

It quietly added cash deposits around a month ago, and Bank Zero said it is already being used actively.

“[It’s] quite surprising to see some businesses jumping in quickly,” a Bank Zero spokesperson told MyBroadband.

In addition to launching cash deposits, Bank Zero released its pricing guide for next year.

All of its zero-fee services remain free, while third-party and value-added services are priced the same.

The only exception is Bank Zero’s card personalisation and delivery fee, which it reduced.

Card personalisation and delivery to a Clicks store was reduced from R79 to R69.

Delivery to a street address in a metro decreased from R139 to R119, while delivery to an address “off the beaten track” was reduced from R179 to R159.

“The current customer base of Bank Zero consists of a large percentage of first adopters, which reflects in our higher-than-expected account activity,” said Bank Zero chair Michael Jordaan.

“Whereas the early adopters were expected, the large percentage of business banking customers joining Bank Zero was somewhat surprising,” he added.

“It clearly talks to the current gap in the market for business banking — both in terms of fees and solutions.”

MyBroadband asked Bank Zero how many customers it has, and it said it did not wish to disclose numbers at this time.

Bank Zero’s fees for 2023 are summarised in the table below.

Zero-fee banking
Account monthly fee Zero
Account minimum balance Zero
Add savings accounts or notice accounts Zero
Add a business profile Zero
Add a child Zero
Friend people to accounts (e.g. family, club, stokvel) Zero
Transfer money between accounts Zero
Pay another bank’s customer using their account number (EFT) Zero
Pay a Bank Zero customer using their account number (EFT) Zero
Pay a Bank Zero customer using their cell number (SendMoney) Zero
Pay a Bank Zero customer using their QR code Zero
Pay by card – local & international card fee Zero
Pay by card – mark-up on international transactions posted in ZAR Zero
Pay a debit order Zero
Buy prepaid data, airtime, electricity, etc Zero
Send proof of payment via email Zero
Receive notifications on activity on account or profile Zero
Receive monthly statement via email – also available from App Zero
Request previous statements within 3 months Zero
Request account confirmation letter Zero
Third-party costs
Card personalise & deliver to Clicks store R69
Card personalise & deliver to street address in most cities (or back of beyond) R119 (R159)
Request balance at ATM & POS R2
Withdraw cash at ATM – local & international R9/R1000 block
Withdraw cash at POS – PnP, Spar, Shoprite Group R2
Withdraw cash without card – use SendMoney & cash-out at Shoprite Group R8.50
Send cash to non-customer – use SendMoney & cash-out at Shoprite Group R8.50
Deposit cash at POS – Shoprite Group (max R3k), PnP (max R5k) Ask retailer
Nuisance fees:

  • Insufficient funds (card, debit order, scheduled payment/transfer)
  • Exceeding chosen limits
  • Card set to ‘Lock’ or ‘ATM off’, or card locked after 3 wrong PINs
  • Using new card before activating it, or using old uncancelled card
Send proof of payment via SMS (but email is free!) R1.50
Optional value-added services
Add more check accounts R100 to open
Request statements older than 3 months R10/statement
Receive money via Bank Zero QR code 0.5% of amount
Dispute or stop a debit order (or card transaction) R8 (R30)
Forex mark-up on international card transactions posted in foreign currency 1%
Resetting App login PIN R50
If no transactions on a check account for more than 6 months R5/month

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Bank Zero launches cash deposits and announces 2023 fees