Banking Association SA gives alert on ATM fees
Share this article:
The Banking Association SA (Basa) said automatic teller machine (ATM) fees will be reinstated from Friday October 1 for customers using ATMs not managed by a customer’s bank.
Social security benefits and cash availability have continued uninterrupted since the unrest of July 2021, despite significant damage to banking infrastructure in KwaZulu-Natal and parts of Gauteng.
To help social grant recipients and those living in areas where ATMs and branches were destroyed, bank customers were able to use any ATM, including those not operated by their own. bank, without incurring additional costs.
“However, banks need to recoup the costs of operating the ATM network to ensure that they can be sustained and maintained, serving all South Africans. Subsequently, from October 1, the fees for using ATMs not managed by a customer’s bank will be reinstated, ”he said.
Basa said that every month, 12.5 million beneficiaries receive grants worth more than R15 billion, using the banking infrastructure. Banks, along with other stakeholders, are also working with Sassa to help reintroduce the Covid-19 social relief grant.
“Sassa encourages its beneficiaries to open bank accounts so that they can receive their grants directly. Many banks offer products tailored to grant recipients, ”he said.