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Johannesburg - Nedbank home loan clients will have to pay 10% more in service fees from January 1 2010, the bank announced on Tuesday.
The bank blamed the increase on "inflationary pressures" and said the fees are still well within the prescribed charges
laid down by the National Credit Act.
Saks Ntombela, managing executive of Nedbank Retail, says the high cost of transporting and securing cash in South Africa is an
ongoing challenge and expense for the banking sector.
Transactional banking fees for retail clients will increase by an average of 6% from January 2010.
Nedbank Private Bank fees will be increased by an average of 7.5%.
"To minimise the
charges associated with cash handling, clients can enjoy substantial savings
by using cellphone, SMS, internet and self-service banking channels to
conduct their banking," said Ntombela.
"In addition, Nedbank continues to partner with large retailers such as
Pick n Pay and Boxer Stores to offer its clients the most affordable, quick
and convenient banking options. This means that clients have more channels
to withdraw money more cost effectively."
- Fin24.com