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Standard Bank permanently removes ATM Saswitch fees

30 July 2021 Standard Bank

This week the Banking Association of South Africa (BASA) came to an agreement with South Africa’s banks that Saswitch fee, a fee that customers pay for using other banks’ ATMs, will be waived for a period of two months with effect from 1st August 2021.

This is in response to the recent civil unrest where some ATMs in Gauteng and KwaZulu -Natal were damaged and are currently not available for use.

Kabelo Makeke, Head of Consumer and High Net Worth clients South Africa says, “We understand that some of our clients are adversely affected by the unavailability of the damaged ATMs and believe that the bank needs to provide a longer term relief than the agreed upon two months Saswitch fee waiver and that’s why as Standard Bank we had already permanently removed the Saswitch fee in January when we implemented our new pricing for this year”.

Standard Bank significantly reduced its ATM cash withdrawal fees with effect from 1st January 2021, by permanently removing the Saswitch fee, that its clients used to pay when withdrawing cash from other banks’ ATMs.

“The removal of the Saswitch fee creates greater access to cash for our customers during this difficult period in South Africa. This should prove to be extremely useful and convenient to our customers in Gauteng and KZN, who may have found themselves cut off from access to cash and other banking services. Our customers are urged to use any available ATM cash points to withdraw cash for a flat fee of R10 per R 1000 drawn,” says Kabelo Makeke.

“Standard Bank permanently scrapped the Saswitch fee at the beginning of this year following a temporary waiver during the COVID-19 pandemic lockdown level 5, last year. We remind customers that this benefit is still available and urge our customers to use these industry facilities,” says Makeke.

Standard Bank customers have got access to a Saswitch network of more than 20 000 ATMs from which to transact. In addition, Standard Bank customers are also reminded that cash withdrawals are still possible at Standard Bank ATMs and our wide retailer partner network like Pick n Pay, Builders, Cambridge Food, Checkers and Spar.

Cash deposits are also possible at Pick n Pay or Shoprite stores anywhere in the country.

 

Quick Polls

QUESTION

South Africa’s Financial Sector Conduct Authority (FSCA) has the power to raise revenues by issuing administrative penalties and fines against non-compliant financial services providers, with this money flowing back to the Treasury… Does this, in your view, create a regulatory / government conflict of interest?

ANSWER

Absolutely, as conflicted as it gets
Maybe, I’m on the fence on this
No, the FSCA can do no wrong
The guilty must pay
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