FNB, Standard Bank, Absa and Nedbank are leading the way in supporting solopreneurs. But what should you know before you apply for an entry-level business account? Angelique Ruzicka investigates. Solopreneurship (a reference to individuals who...
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Instant payments get cheaper
TymeBank, Capitec and Discovery Bank have now joined Absa, FNB, Nedbank and Standard Bank as part of the PayShap payment system which allows for instant payments between bank accounts. PayShap, the brand name for the Rapid Payment Programme, is a...
PayShap: instant payments with just a cellphone number
PayShap is a new payment technology available in South Africa that allows anyone to transfer money into someone's bank account using just a cellphone number. In order to be paid directly into your bank account, you no longer need to share your...
Changes for FNB Gold customers
FNB has announced a new account as part of its annual pricing review, with a focus on banking the family. As from 1 July all FNB Gold customers will be converted to FNB’s new Aspire account. It comes with lower monthly fees – dropping from R109 to...
Why you should use virtual cards
Virtual cards offer more protection when you’re making purchases – especially online. Angelique Ruzicka finds out how they work. Shopping online has always come with risks, especially when it comes to fraud, but the introduction of virtual bank...
Can students truly bank for free?
Angelique Ruzicka takes a look at the bank account offerings for students, as banks try to entice a younger crowd with reduced or zero fees in the hope of bagging a client for life. In March, Absa ditched fees for all of its student cheque...
Check before you press pay
If you accidently pay into the wrong account, there is no guarantee you will receive your money back. I recently received two complaints from readers who had accidently paid money into the wrong account, highlighting the risk of electronic fund...
Bounced debit orders will be very costly
Bank customers will have a nasty surprise if they allow their debit orders to bounce. When Anil contacted his medical scheme to cancel his premium as he knew he had no funds, he discovered it was too late. The debit order went off and Standard Bank...
TymeBank adapts for growing client base
TymeBank has announced that after nine months of trading, they have onboarded one million customers. Of these customers, approximately 45% (450 000) transact once or more a month. Although the bank’s main customer focus has been lower-income...
OBS advises to check your loan statements
Incorrect balances and terms on home loans, personal loans and revolving credit make up a significant portion of complaints to the Ombudsman for Banking Services (OBS), according to its latest report. Of the 5 996 cases it has closed so far this...
Previous Articles
Are illegal debit orders a thing of the past?
After a significant spike in the number of illegal debit orders, banks say action has been taken to clean the industry of rouge players. Despite much fanfare around the introduction of DebiCheck which puts customers in control of approving debit orders before they are...
Competition comes to business banking
FNB has announced First Business Zero, a digital-only business bank account with no monthly account fee. While competition in the retail banking sector has driven down fees, business banking has remained largely uncompetitive and expensive. We are finally seeing some...
Fighting debit order fraud
A new debit order system will be made compulsory towards the end of the year, but will it make a difference in the fight against debit order fraud? Just last month, organised crime syndicates operating on a massive scale ‒ duping banking customers by debiting sums off...
The pros and cons of a business bank account
If you are self employed and working as a freelancer in the services industry, you may be debating whether you should work as a sole proprietor or register as a business. There are pros and cons for each, and the answer is not clear cut. I ran my business as a sole...
African Bank launches new transaction account
Customers benefit as banks launch cost-effective banking solutions. The banking industry is certainly seeing an increase in competition, with the launch of TymeBank earlier this year and with the imminent launch of Discovery Bank. As part of the increased competition...
Some banking history
This year, to celebrate 180 years of banking, FNB has created an exhibition which is currently at Portside in Cape Town. In addition to documenting the history of FNB, it is a fascinating history lesson on the evolution of banking in South Africa. FNB started its life...
The fight against illegal debit orders
Why has it taken banks so long to take action against illegal debit orders? FNB recently issued a press release stating that it would reverse all debit orders and refund customers who have been victims of ProCall and Mzansi illegal debit orders. Absa Bank followed...
TymeBank launches low-cost offering
TymeBank recently had its official launch, and has already signed up over 80 000 customers. As South Africa’s first fully digital bank, it is what the industry calls a “digital disruptor”. Its only physical presence is at kiosks at PicknPay and Boxer stores where you...
DebiCheck: putting an end to illegal debit orders
One of the more frequent complaints we receive from readers is around illegal debit orders. This is when bogus companies run debit orders of around R100 off people’s bank accounts in the hope that either the bank account holder won’t notice the transaction, or if they...
Can you get to eBucks Level 5 without debt?
FNB has updated their eBucks reward programme and depending on your type of account, it is worth finding out how these changes affect you or how to change your spending patterns in order to earn more eBucks. To get more “share of wallet”, Gold account customers must...