on bank charges
The Ombudsman for Banking Services
(OBS) today announced the creation of a web page on its website www.obssa.co.za
that will direct bank customers to resources that will enable them to
reduce their bank charges.
There is no reason that similar results could not be achieved in South Africa. In fact, a recent media report linked the changing consumer landscape to reducing penalty fees, the introduction of bundled pricing options and more competitive pricing.
Individual bank customers can reduce their costs of banking by being selective in how they do their banking. Online banking is, for instance, a fraction of the cost of over-the-counter banking. Likewise, it is significantly cheaper (and generally safer) to draw money at your local supermarket than from an auto teller machine.
The OBS itself managed to reduce its bank charges by 13% in 2005, primarily through relying upon the electronic transfer of funds, instead of using cheques, for account payments. This saving was achieved in spite of a significant increase in the flow of funds through the OBS's account.