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Johannesburg - Nedbank has for the second year in a row cut costs for its retail banking clients.
The banking group on Wednesday announced that from July 1 2007, it will again reduce banking fees for its retail clients. It said it's also the only bank that has not increased its retail pricing for individuals since July 2004.
Bryan McLachlan, Head of Transactional and Investment Products at Nedbank Retail, said Nedbank will reduce fees by an average of 6%.
This means that, together with an average fee reduction in 2006 of 13%, the average Nedbank retail client will have experienced more than a 19% reduction on banking fees since this time last year.
The latest annual pricing review will see price reductions on 6 fee items, and the scrapping of 12 fee items permanently and 6 fee items for one year.
In addition, dozens of previously complicated fee formulae across various products and channels in Nedbank's pricing structure have been simplified, making it easier for clients to understand exactly what they are paying in bank fees each month.
According to McLachlan, reduced fees have led to an increase in transaction volumes, growth in account sales and a decrease in attrition rates.
"We are experiencing a significant turnaround in our primary account numbers, since our pricing changes in July last year," says McLachlan.
He said Nedbank is starting to recapture market share by delivering on its promise to make banking more affordable, and simpler, for all South Africans.