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...
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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...
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...
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...
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...
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....
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....
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...
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...
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...
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Are banks treating our children fairly?
Major South African banks (Absa, Nedbank, Standard Bank and FNB) appear to have made improvements in recent years in their accounts targeted at children. They’ve scrapped the monthly admin fees and lowered or gotten rid of some transaction charges. And rightly so,...
eWallet eXtra: getting banked in minutes
First National Bank (FNB) has announced the launch of eWallet eXtra, a mobile bank account that allows unbanked and underbanked South Africans to use a feature-phone or smartphone to open a bank account without submitting paperwork at a branch. The solution will be...
The best bank account for a student
With my son starting his first student job, he needs to upgrade from his kid’s bank account to one that provides a few more transactions. Part of this exercise was to identify what a student, or any young person, needs from a bank account and then identify which...
FNB launches new products as part of price review
Last week FNB released its price review for the next year (effective July 1st), with a few tweaks and changes, and two new product offerings. Banking for kids and students FNB has rebranded its youth offering with the launch of FNBy, which I must admit is compelling...
Eight digital banking scams to look out for
As access to banking services through digital channels continues to grow, so does the need to protect consumers against the prevalence of online banking fraud. Yolande Steyn, Head of Innovation at FNB says, “We view security as an integral part of a seamless online...
What is digital currency?
Digital currencies are a form of electronic money, that are as liquid as normal fiat currencies. There are currently over 600 digital currencies – also known as cryptocurrency – that are already in the market. They function the same way as regular currencies, except...
Have we made it too easy to dispute debit orders?
The move by banks to make it easier for individuals to reverse unauthorised debit orders has been an important step in maintaining the integrity of the banking system, especially after increases in illegal debit orders where syndicates would obtain bank account...
Offshore bank accounts: not just for the rich and famous
You don’t have to be a high flier to have a foreign currency account or even an offshore bank account which have now become an easily available and relatively affordable option for South Africans who would like to hold some funds offshore. As exchange control has...
Should you sign up for a PayPal account?
In the freelance world, PayPal provides a way for South African service providers to be paid by international clients. Although the fees are not insignificant, it is still the least expensive and most effective way to get paid. Banks make a lot of money out of foreign...
How your bank tracks fraud
A few weeks ago, as I was about to leave my office for the day, my cellphone started to beep as several SMS notifications came through confirming online credit card transactions, including a R7 700 booking through an online travel agent. None of these were my...