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Standard Bank Reduces Its ATM Fees For Cash Withdrawals

Standard Bank Reduces Its ATM Fees For Cash Withdrawals. Standard Bank has lowered its ATM fees for cash withdrawal at non-Standard Bank ATMs by removing Saswitch fees, making banking, simpler, more convenient and cheaper for its customers. According to Sowetan Live, Standard Bank customers will now pay a more affordable flat fee of R10 per R1, 000 for cash withdrawals at more than 20,000 Saswitch ATMs in the country after the bank removed Saswitch fees that were previously charged for using non-Standard Bank ATMs.

“We realised during the Covid-19 hard lockdown that what really matters for our customers is improved and convenient access to affordable banking services. We reduced our fees for cash withdrawal at non-Standard Bank ATMs to increase the number of affordable cash access points for our customers,” Kabelo Makeke, head of consumer and high-net-worth clients SA told Sowetan Live.

“Customers need choice. One of the ways we can give them this is by looking at simple and affordable pricing models that enable our customers to bank more conveniently for less. The size of the saving will of course differ based on the amount being withdrawn, but under our new simplified pricing, the customer will know exactly how much they will be paying each time,” says Makeke.

The Standard Bank of South Africa Limited is a South African financial services group and is Africa’s biggest lender by assets. The company’s corporate headquarters, Standard Bank Centre, is situated in Simmonds Street, Johannesburg. The bank now known as Standard Bank was formed in 1862 as a South African subsidiary of the British overseas bank Standard Bank, under the name The Standard Bank of South Africa.

“We are increasing the number of cash access points for our customers to enable more convenient, affordable and easy banking. Our customers can now conveniently and easily deposit and withdraw cash at Shoprite & Pick n Pay stores across the country while shopping for their daily essentials in store and avoid a trip to a bank branch.” Makeke added.

By Thomas Chiothamisi

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