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
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
"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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