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Nedbank hits back

Aug 03 2012 17:13

MyFin24 is a user-generated section of Fin24.com. The stories here come from users.

Cape Town - In a response to a Fin24 user's claim that Nedbank is ripping him off with fee increases, the bank on Friday said that its retail average fee increase for this year was 6%, in line with inflation.

Fin24 user Grant Mitchell wrote to our newly launched MyFin24 section, stating that while everyone is celebrating Nedbank's results, he would "do a little exercise to show how they are screwing (sic) their customers with fee increases".

In a written response to Fin24, Sibongiseni Ngundze, managing executive: retail relationship banking, said Nedbank encourages clients to reduce their charges by transacting through more cost effective channels.

"Nedbank offers value in both pay-as-you-use (PAYU) pricing (for lower volume requirements) and in-bundled or capped alternatives (for higher transacting volume behaviour).

"Nedbank actively engages with our clients for them to reduce their fees by selecting the right product and pricing plan to suit their needs, providing free on-line saving tools and a pricing call centre.

"Our on-line savings tools and tips on how to save on fees by transacting via more cost-effective channels, can be accessed here or (clients can call) on 0860 555 111.

"We will be engaging with Mr Mitchell to understand his specific needs and transacting behaviour and will help him to reduce his fees by recommending the best product and pricing plan for his needs."

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: All articles and letters published on MyFin24 have been independently written by members of the Fin24 community. The views of users published on Fin24 are therefore their own and do not necessarily represent the views of Fin24.

Fin24 reserves the right to obtain service providers' comments before publishing any articles or letters. Fin24 editors also reserve the right to edit or delete any and all user comments received.

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nedbank group  |  bank fees



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