Nedbank offers retail clients tools to help save - Nedbank Home

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					4 June2008

Nedbank offers retail clients tools to help save on banking fees

Highlights:
    Cheaper rates and more convenience through cash withdrawal
      facilities at Pick n Pay, Score and Boxer till points
    Launch of online bank fees calculator
    Introduction of pricing call centre
    80% of fees unchanged, reduced, or simplified
    The following transactions REMAIN FREE:
          o Cheque and electronic deposits
          o Stop-order initiation, amendment and cancellation
          o Certificate of balance and copy tax certificate
          o All Self-service banking balance enquiries (Internet, Telephone
               and Cellphone Banking)
          o Internet Banking – statements up to five years (unique to
               Nedbank)
          o Internet Banking – archived image of deposit slip/cheque
               (unique to Nedbank)
          o Mzansi high transaction fee (first and only bank to do so)
          o Cellphone Banking (SMS) and Telephone Banking: Self-service)
               – all balance enquiries, inter-account transfers and third-party
               payments
      Only 20% of fees have been increased, with an average overall
      increase                                                               of
      approximately5%.

Nedbank‟s latest pricing-related initiatives – an online bank fees calculator
backed by a pricing call centre plus a facility to withdraw cash cheaply at
selected till points –signal the next stage in the bank‟s quest to offer great
value banking,” says Bryan McLachlan Head of Transactional and Investment
Products at Nedbank.

According to McLachlan, the journey to make banking at Nedbank more
affordable by reducing fees, simplifying them and making them more
transparent began four years ago. In 2005, the bank left its fees unchanged
and in the last two years it slashed banking fees by an average of 19% (13% in
2006 and 6% in 2007). Many fee structures were simplified and 24 fees
eliminated.
“Our pricing is now extremely competitive and we are determined to maintain
that position. For example, despite the latest review the typical Nedbank retail
current account client still enjoys the best fees compared to counterparts at
other big banks,” says McLachlan.

McLachlan says that the 2008 retail banking pricing review, which comes into
effect on 1 July, has left 80% of fees unchanged, reduced, or simplified.
“Where there have been increases, these have been kept at an average of
about 5%,well below the current inflation rate of 10.4%.

Bank fees calculator launched

To help clients navigate the new fee structure, compare fees across various
banks and make informed choices, Nedbank has introduced an online bank
fees calculator.

The calculator, which is unlike any other in the market, allows clients to select
a profile based on their typical transacting behaviour and match this to a
range of relevant Nedbank products. Clients can then compare the monthly
fees payable across the range. This online facility, accessible via the Nedbank
website (www.nedbank.co.za) will also enable clients to compare their fees to
comparable products offered by other banks. This functionality will be
available shortly.

According to McLachlan, clients who do not have access to the Internet will
not be left out. “Clients can call a dedicated call centre manned by qualified
staff with access to the online calculator,” he says.

The pricing call centre number is0860 555 111.

“Nedbank‟s affordable banking strategy is not just tied to price, but also
encourages product innovation to cut cost and complexity, ”says McLachlan .

Cash withdrawals at tills

For those times when cash is essential, Nedbank is enabling point-of-sale
devices at its extensive retailer network to provide a convenient additional
channel to withdraw cash.

Nedbank clients can already withdraw cash at a till using an ATM, debitor
cheque card when they are paying for their purchases at Pick n Pay Group
stores, including Score and Boxer, at a much lower fee than ATM or branch
withdrawals.

“Withdrawing cash at a till point is both convenient and cost-effective. For
instance, a R500 withdrawal at a till while making a purchase costs only an
additional R1.75, compared with the fee of R7.75 at a Nedbank ATM and R17
at a branch – this represents savings of 77.42% and 89.71%respectively for
clients.
A huge focus of Nedbank‟s pricing strategy has been to ensure the inclusion
of the lower end of the market into the formal banking sector by making fees
more affordable and simpler.

 Nedbank‟s diversified client base(14% of retail clients being Mzansi Account
holders) is a further illustration of the significant strides made by Nedbank to
be 'a bank for all‟.

Our commitment, and subsequent action, to decreasing and simplifying fees
places us ahead of our competitors, with our products such as Mzansi and
Transactor now among the best value in the market. We have moved into a
very competitive position,” says McLachlan.

Some tips to help reduce your bank fees


       Choose a banking option that best suits your banking needs.
        Nedbank‟s bank fees calculator can help you with this.
     Always use Nedbank ATMs instead of other banks‟ ATMs to avoid
        paying the Saswitch convenience fee.
     To avoid incurring the cost of denied-transaction ATM fees ensure you
        have sufficient funds in your account to cover your cash withdrawals.
     When you need cash, remember it‟s cheaper to draw one lump sum
        than many smaller amounts.
     Use the ATM slips instead of requesting mini statements.
     Withdraw cash from an ATM instead of inside the branch.
     If you are a Nedbank client, withdraw cash when you purchase at Pick
        n Pay, Store or Boxer till points
     Avoid paying unnecessary penalty fees by ensuring you have sufficient
        funds in your account to cover all your payments, including stop orders
        and debit orders.
For a comprehensive list of tips to help you reduce your bank fees, please
visit our website at www.nedbank.co.za, call our dedicated pricing agents on
0860 555 111 or refer to our fees brochure, available from any Nedbank
branch or as a download fromwww.nedbank.co.za
ENDS


Notes to editors:

We encourage you to try out our call centre as well as Nedbank‟s bank fees
calculator. Please visit www.Nedbank.co.za and click on „Rates and Fees‟.

Go Banking customers were the first to be able to withdraw cash at Pick n
Pay tillpoints.


      ______________________________________________________________
____________
Issued by: Nedbank Media Relations
Contact: Nelisiwe Masina
                Tel: (011) 2955 372
                Cell: 083 325 4721
                E-mail:nelim@nedbank.co.za

				
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