Standard Bank revealed on Sunday that you will not be charged Saswitch fees for utilising the ATM of a competing bank.
“The banking sector has collectively decided to waive Saswitch fees during the lockdown,” said Africa’s largest bank by assets.
“This means that a customer can use any ATM, including those offered by competing banks and only pay the usual fees charged.”
Bankserv Africa said on its website when it launched Saswitch – a switching system that allows for customers to use just about any ATM, regardless of which bank they belong to – it was a world-first in interbank operability.
Since then, the concept has been adopted by payment systems the world over, giving more customers better access to their money.
Standard Bank continues to evaluate the current financial climate with a keen focus on how the bank can continue to guide consumers through these difficult economic times.
“We will work tirelessly to find solutions that ease their financial burden in these times. We are here to help those who contribute to our society so that we can support economic growth in South Africa,” said Funeka Montjane, Chief Executive, Personal and Business Banking, Standard Bank South Africa.
Standard Bank has announced a second wave of relief to help its customer base navigate financial commitments as Covid-19 continues to impact the livelihood of many individuals across the country.
The payment reprieve is aimed at easing the financial burden of customers earning R7 500 or less, who will receive three-month instalment relief if they are not in arrears on any of their accounts (as at 31 March 2020).
The bank said this relief applies to qualifying customers and their associated accounts, which include home loan, vehicle and asset finance, credit cards as well as short term loans