Banks waive relief fund charges

11 January 2005 - The Star
Gill Gifford

As South Africans pledge generously towards the plight of the tsunami victims, are banks set to make a killing?

Bank charges, not to mention commissions and other deductions involved in changing Rands into foreign currency, are likely to amount to huge sums. But it seems most banks are waiving charges.

Julia MacLiam of Absa's media services department said the bank would be carrying the costs of administering the entire Tsunami Disaster Relief Fund.

"The account will not be accruing administration charges and the foreign exchange charges and transfers have been waived," she said.

First National Bank spokesperson Steve Higgins said the account would not attract charges, and in addition, the FNB would not levy fundraising commissions.

However, Standard Bank spokesperson Angel Bruwer said: "We will be charging normal rates on all our accounts, although applications for pro bono or free banking will charged on an individual or merit basis."

Banking Ombudsman spokesperson Bruce Manual said the charging of bank fees for relief accounts was a decision taken by banks themselves.