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....
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...
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...
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...
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...
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...
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...
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...
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...
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...
Absa is the first bank to allow customers to reverse unauthorised debit orders online. Debit order fraud is on the increase in South Africa. Syndicates are obtaining a database of accounts illegally, and hitting these accounts with small amounts. According to the...
You’ve finally graduated and landed yourself a job, and you’re loving the flexibility that comes with earning your own money. But before you know it, the money has run out and you’ve been hit with a whopping amount of bank fees. We took a look at some of the best bank...
Too much month at the end of your money? It might be time to start really paying attention to your loyalty programmes so that you can get the best value for your money. Recently FNB announced that eBucks members had earned R5 billion in eBucks since the inception of...
ATM card swopping leaves bank customers with little recourse when funds are stolen from their bank account. Sidwell contacted me after money had been taken from his bank account. His bank refused to refund him after his card had been swallowed while drawing money from...
By Oliver Charles Phipps, FISA member and Solicitor in England with Lester Aldridge It is quite common for an individual in South Africa to own a bank account which is registered in the British Isles. This may be because he or she originated from the British Isles or...
When selecting a bank account for your child, first consider what they will be using it for and then look for one with the best pricing structure. A young child who is mostly saving will want an account with a high interest rate, while an older child who may be doing...
A recent survey in the UK found that young adults are increasingly relying on their parents to help them pay for a deposit for their first home. The survey conducted by mortgage lender Halifax found that the majority of parents believed they would have to help their...
When Jurie Pohl discovered that fraudulent debit orders amounting to R12 000 had been deducted from his bank account over five years, he became the latest victim of a financial crime where syndicates are deliberately using the debit order system to commit fraud....
As banks become tighter about who they lend to, with preference going to their own client base, could banking with Capitec hurt your home loan application? This was a question posed by Akhona who has banked with Capitec for a long time. “I have been told that this...
When you get married it is not just your hearts that become one, but also your money. Even if you are one of those financially independent couples where ‘his is his’ and ‘hers is hers’, when you live together, have kids together and hopefully retire together, there is...