Fees, rates and prices > Account fees > FAQs Overview FAQs How to reduce fees   Frequently asked questions - pricing 2009 General Current accounts (sum)1 PlusPlan E Plan Foreign exchange Loans General Why am I charged a fee if someone deposits money into my account? We are trying to keep banking costs to a minimum by automating transactions where possible. The handling of cash is manual and there are also ever-increasing costs involved, such as security and insurance premiums. You can avoid this charge by ensuring that your employer pays your salary directly into your account. Cheque deposits are also free. You can also save by making electronic transfers and electronic account payments when you need to deposit money into other bank accounts. Our consultants will help you link your accounts so that you can enjoy these services. Also, remember that all personal transaction accounts receive their first AutoBank cash deposit free per month. On PlusPlan and MarketLink the first cash deposit (up to a maximum of R2 500.00) is free across any channel. For PureSave the first two cash deposits (up to a maximum of R2 500.00) are free across any channel. Why does it cost more to use another bank's ATM? When you use another bank's ATM you are using two banks for one transaction. Both banks incur costs that they need to recover. Your bank charges a normal transaction fee and the bank whose ATM you use charges your bank an inter-bank fee for using its ATM. Your bank charges you a fee in addition to normal ATM cash withdrawal fee to offset the interbank fee paid to the other bank. Standard Bank has an extensive network of ATM's (over 4 000) and as such it is possible to avoid these additional costs. Why must I pay R3,65 if my request to withdraw cash at another bank's ATM is declined? As with any transaction at another Bank's ATM, there are two banks involved and the fee is to cover both the inter-bank fee as well as the cost of processing the rejected transaction. To avoid paying this fee, you should ensure you have sufficient money in your account to cover the withdrawal. Why must I pay to replace my ATM card if I lose it? All our cards are durable and are designed to last. It is costly to replace these cards and thus the charge to recover these costs. These charges include your Stop Card. Your AutoBank cards must be kept in a secure place. If the card needs to be replaced due to a faulty magnetic strip or other bank reasons, the fee may be waived. How can I avoid paying unpaid item fees? There are fees for unpaid or dishonoured items and declined ATM requests at other banks ATM. This is how to avoid them: Be aware of the balance on your account. If you're unsure check your balance at any AutoBank, or by telephone, cellphone or Internet banking. Remember cellphone and internet banking balance enquiries and statements are free Always remain within your account limit and avoid paying fees on items that are dishonoured because there is insufficient money in your account. Draw up a budget and a schedule of regular payments and then see how much you can afford to spend on entertainment and luxuries. When paying by cheque, make sure that the cheque is not post-dated, as you will be charged an unpaid deposit fee for each unpaid or post-dated cheque deposited. When paying by cheque, make sure that the cheque is not post-dated, as you will be charged an unpaid deposit fee for each unpaid or post-dated cheque deposited. Arrange for your debit orders and stop orders to be paid at the most convenient time for you, preferably just after your salary is received, but allow a day or two just in case your salary is late. Ensure that you remain within your allocated credit limits, as you will incur "over limit" charges if you exceed this. What is Maestro? The Maestro payment system allows you to pay for goods in shops where you see the Maestro sign. All you do is swipe your Maestro card at the terminal, key in your PIN and select the account from which you want to pay. Your account is debited immediately. With a Maestro card you don't need to draw and carry large amounts of cash. Top Current accounts Why is there a minimum monthly service fee on my account? The minimum service fee covers the cost of maintaining the account. It is only charged if the transaction fees accumulated on your account do not exceed the minimum monthly fee. Please note: There are certain transactions which are not included in the calculation of minimum monthly service fee. Please consult your nearest branch for more information. Which fees can be rebated if I maintain the stipulated balance in my account and have selected to be on the rebate option? These fees include AutoBank cash withdrawals, electronic inter-account transfers, electronic account payments, debit orders, cheque service fee, cheque card purchases and the minimum monthly service fee. Remember though that credit interest is not paid if you select this pricing option. Why is there a monthly management fee charged on my Classic Transaction Account? The monthly management fee is charged to cover the cost of the specific features of this account, regardless of the number of transactions you make. Why do you charge the normal pay as you transact fees for transactions above the limits on the Plus fee (fixed monthly fee) options? The Plus option is designed around how you use your account for your personal transactions. Personal customers on this option seldom exceed the number of transactions offered at the fixed rate. To simplify the pricing fees in excess of specified maximum are consistent with those in the pay as you transact option Do Consolidator account holders pay service fees? Consolidator account holders have three pricing options to choose from: Pay as you transact (ad valorem) You pay only for the transactions you make. Fixed monthly fee (Plus) You pay a fixed monthly fee which covers a range of transactions. If you maintain a minimum daily balance of R6 500 for the entire month you will not be charged the fixed monthly fee (the rebate option needs to be selected). Refund (rebate) You will be refunded your service fees depending on the minimum balance maintained in your account. The fees refunded are calculated on the 'Pay as you transact' formula. Do Plus (fixed monthly fee) account holders pay MasterCard cheque card transaction fees? MasterCard cheque card and Visa cheque card transaction fees are included in the fixed monthly fee for Plus accounts, but are subject to the limit for these transactions. The limit depends on the package you have selected. Do Plus (fixed monthly fee) account holders pay Maestro debit card purchase and cash withdrawal fees? The Maestro fee is not included in the fixed monthly fee for certain Plus account options and customers on these options do pay Maestro debit card fees for each transaction. However, Prestige Plus, Prestige Plus Secondary and Private Banking accounts are exempt from the Maestro fee and Maestro transactions are included in the bundle Is there a limit on the number of free MasterCard cheque card purchases on Plus (fixed monthly fee) accounts? Yes. The limit depends on the package you selected. Are secondary cheque card holders charged an annual cheque card fee? No, only the primary cheque card holder is charged the annual fee. Plus account holders get a number of free cheques as well as branch cash withdrawals every month. Must these benefits be used together? If a cheque is used for a branch cash withdrawal, it means that there is a cheque fee portion and a cash withdrawal portion to the transaction. The cheque portion is covered up to the maximum number of cheques included in your monthly fee and the same applies to the branch cash withdrawal portion. You will pay for the portion of the transaction that is in excess of your free transactions. Why is a monthly Internet Banking subscription fee charged? The fee is charged to maintain the infrastructure required to deliver the service to you and to keep up to date with the latest technology, All Plus (fixed monthly fee) customers, except secondary Prestige Plus are exempted from monthly internet banking subscription fee. Youth offerings (sum)1 and Student Achiever also receive the Internet banking subscription fee for free. Why is there a monthly fee on Prestige Plus secondary accounts? This account offers the same current account transaction benefits as the main Prestige Plus account. The fixed monthly fee on Prestige Plus secondary accounts is significantly lower than the monthly fee charged on the main account. Top (sum)1 Why do I have to pay bank charges if I am in school? There are bank charges on the (sum)1 product as without bank charges abuse by parents may happen on your account. If you manage your (sum)1 account correctly then you will not have to pay any transaction fees, as you get four free debit transactions per month as well as four free AutoBank cash deposits a month and you can deposit cash into your (sum)1 account at a branch to a maximum of R100-00 per month. Can you give me any advice on keeping my fees to a minimum? Where possible, use electronic banking facilities (AutoBank, Internet, telephone and cellphone banking) as these offer you more cost-effective banking facilities than branch-based services. Limit ATM cash withdrawal fees by drawing larger amounts less often instead of smaller amounts more often. Use Standard Bank Autobanks wherever possible to avoid paying inter bank charges in addition to your normal transaction fee. Remember that prepaid airtime recharges via Standard Bank direct channels are free of charge. Top PlusPlan What is the rebate threshold? You have to maintain a balance R6 500 in your account to obtain the first five debit transactions free per month. In other words, if the balance after the transaction has been processed is at or above the threshold you will not be charged for that transaction (if it is one of the bundle of free transactions and if there are still free transactions left). The free transactions include AutoBank cash withdrawals, electronic inter-account transfers, electronic account payments and debit orders. How can I avoid paying the monthly management fee? You will not be charged the monthly management fee if you maintain a balance of at least R1 000 throughout the month. How are the price changes communicated? A pricing brochure is available from our branches. Do new Consolidator PlusPlan customers receive free banking on PlusPlan? New Consolidator PlusPlan customers who maintain a balance of R6 500 in their Consolidator PlusPlan account will receive the first 10 debit transactions free per month (twice as many as on a standard PlusPlan account). In other words, if the balance after the transaction has been processed is at or above the threshold you will not be charged for the transaction (if it is one of the bundle of free transactions and if there are still free transactions left). The free transactions include AutoBank cash withdrawals, electronic inter-account transfers, electronic account payments and debit orders. Do new Prestige Plus customers receive free banking on PlusPlan? Free banking on PlusPlan accounts no longer forms part of the Prestige Plus offering. However, you will qualify for the free transactions if you maintain more than R6 500 in your Plus Plan account. Top E Plan Why do I pay a monthly fee on my E Plan account? Our E Plan account is a value-for-money solution designed for you to transact and save, which also offers you additional lifestyle benefits. For your monthly fee you get a full transaction and savings account to help you better manage your finances. Additional benefits of an E Plan account include the automatic death benefit and the monthly savers draw. Other banks with a similar product seem to charge less? Most of the E Plan fees are fixed and do not increase with the value of the transaction as with other accounts. If managed effectively, an E Plan account may cost less than its competitors. How can I save on fees? Here are some examples of what you can do to minimise your fees: Use your E Plan card at shops displaying the Maestro sign to pay for goods and even draw cash. Use Standard Bank AutoBanks. They cost less to use than other banks' ATMS. Use Standard Bank AutoBanks to make deposits and withdrawals rather than over the counter at a branch. Always have enough money in your account to cover your stop orders and debit orders. You'll have to pay a fee if there are not enough funds in your account to cover these payments. Keep your account active by depositing and transacting regularly. Keep your E Plan and Stop cards in a safe place to avoid paying card replacements fees Use the free provisional statement service to manage your account and avoid unnecessary penalties. Purchase your cellphone or Telkom airtime using our telephone banking service or at an AutoBank machine as there is no transaction fee charged on Standard Bank direct channels. Make cash deposits at an AutoBank, as you will get your first Autobank cash deposit free per month. Use the AutoPlus machine for both provisional and history statements as it is cheaper than using the branch. What fees do I pay on Maestro transactions? If you use your Maestro card to pay for goods, the cost is R2,15 per transaction. If you pay for a purchase and also draw cash as part of the transaction we charge you R4,80. Top Foreign exchange General Why do I have to pay commission and a margin on the rate when buying foreign currency? Commission is charged to cover the processing costs of foreign exchange transactions and the margin is to cover the treasury or trading-related costs. As a Prestige Plus / Private Banking / Consolidator Plus /One Account account holder, I am not charged for certain transactions (traveller's cheques, inward International Payments (teletransmissions), TravelWallet card activation, TravelWallet loading and reloading fee and the direct delivery service); does my spouse and dependants qualify for these benefits? Your spouse and children under the age of 25 enjoy these benefits as long as the transactions are performed over your personal Prestige Plus / Private Banking / Consolidator Plus account. As a Consolidator-linked customer, do I qualify for traveller's cheques, inward International Payments (teletransmissions), TravelWallet card activation, TravelWallet loading and reloading fee and the direct delivery service? No, this offer is only available to Prestige Plus / Private Banking / One Account Consolidator Plus account holders. Travellers cheques Do you buy back my travellers cheques for free when I return from my overseas trip? If you are a Standard Bank customer and you bought the travellers cheques from us initially, we will encash the travellers cheques for free and credit your selected Standard Bank account. Don't forget to bring your transaction receipt showing that you bought your travellers cheques from Standard Bank. If I bought my travellers cheques from Standard Bank Africa, can I encash my travellers cheques for free? Yes, provided you bring the receipt you received when purchasing your travellers cheques from a Standard Bank Africa branch, when you come into the branch to encash your travellers cheques. Why do I have to pay commission when I buy travellers cheques and again on encashment overseas? Many agents charge a fee for encashing travellers cheques in order to cover the processing cost of the transaction. However, some American Express agents do not charge a fee (there are 85 000 fee free locations). Click here  for fee free encashment locations. Why is it cheaper to buy USD and EUR travellers cheques cheaper than other travellers cheques? In order to cover the increase in operating costs the bank has had to increase the fee on Travellers Cheques However, as the bank would like to encourage the sale of USD and EUR travellers cheques as opposed to the others, we have decided not to increase the fee on USD and EUR travellers cheques. Foreign cheques I often receive foreign bank cheques that need to be cashed. Is there a cheaper alternative I can use? The fees cover the costs of processing the cheques. We recommend you use our inward telegraphic transfer service where you can arrange to have foreign currency transferred directly to your bank account. Bank charges are lower on inward International Payments (teletransmissions) and you also receive a better exchange rate. Foreign notes Why are foreign note transactions so expensive? Foreign notes are not kept on our premises all the time. Orders for the foreign notes are placed as needed and costs are incurred for their safe delivery, the actual processing of transactions as well as reserving and hedging costs. Visa letters Why do you charge for visa letters and 'no exchange provided' (NEP) forms? This is an administration fee for processing the request. Remember that if you buy your foreign exchange from Standard bank, we won't charge you for these. Direct Forex Delivery Why do I have to pay for Direct Forex Delivery? Standard Bank Direct Forex Delivery continually strives to offer the best possible service. Maintaining this high standard is, however, affected by normal inflationary pressures and the cost of providing the best possible security to protect both our staff and customers. This has necessitated an increase in certain fees. As is normal practice our fees and fee increases are kept to a minimum. Please note that Direct Delivery is only provided to you at a business premises in an approved area in the Gauteng, Cape Town Metro area and Durban/Pietermaritzburg Metro. Foreign Currency Accounts? Why do I have to pay a monthly management fee for foreign currency accounts? This fee was implemented to help cover the costs of maintaining the product. We have introduced a number of monthly management fee options so that you pay for the services that best suit your needs. The options are: Foreign Currency Accounts with monthly statement Foreign Currency Accounts with weekly statement Foreign Currency Accounts with daily statement: If customer has the International Banking Online Solution If you have has an overdraft facility there is an additional fee Do all customers who have a foreign currency account pay a monthly management fee? No, individuals will not be charged this fee as they use the account for investment purposes. Companies including non-resident companies will be charged a monthly management fee as foreign currency account is used as a transaction account Non-residents Why must I pay a safe custody fee when the South African Reserve Bank insists that you hold the documents? This is to cover the security and administration costs. Why do you charge a management fee for blocked accounts when you charge for the various services that you provide over and above this? In some instances it is necessary to cover processing costs. Over and above the normal services provided, we have to undertake administrative duties for the Exchange Control Department of the South African Reserve Bank, such as blocked assets audits and reconciliations, as well as provide a number of returns. Top Loans Why do you charge a monthly service fee on my overdraft and loan when I am already charged interest? The bank differentiates between charges that cover costs and those that cover risk. Whereas interest reflects the risk of granting the facility, the service fee covers the costs for the maintenance and administration of overdrafts and loans. These facilities are regularly scrutinised and reviewed and systems are required to make sure that limits are not exceeded and that repayment arrangements are adhered to as per the agreement between the bank and yourself. Will I be charged the overdraft service fee irrespective of whether I use the overdraft facility or not? Yes. The overdraft service fee will be charged on all accounts which have an overdraft limit of R300.00 or more, irrespective of whether the overdraft facility is being used or not. R500-00 or more for Student Achiever accounts. Why do you charge a dishonoured items fee when it is the beneficiary of the payment that is impacted by the item not being paid and not the bank? When there are insufficient funds in an account to meet a requested payment, the bank is impacted along with the beneficiary of that item. Should an item be submitted that would cause the overdraft limit on an account to be exceeded, intervention by the bank is required to decide whether the payment will be allowed or returned. This involves time and additional costs in personnel and systems. What is the "over limit fee" for? When the overdraft limit on an account is exceeded, intervention by the bank is required to decide whether the payment will be allowed or returned. This involves time and additional costs in personnel and systems. In addition, by allowing a payment to be processed even though the arrangements on the account have been exceeded, the bank is saving you the inconvenience, or even embarrassment, of having that payment returned. This service by the bank also protects your credit rating compared to when an item is simply dishonoured, which in turn should protect your relationship with the bank. If a payment off my account takes me over my limit will I be charged the over limit fee and the dishonour fee? No. If the payment is allowed and processed you will only be charged the over limit fee. If the payment is returned you will only be charged the dishonour fee. You will not be charged both fees for the same item. Am I charged to revolve on my Personal Revolving Credit Plan (RCP) or Business Revolving Credit Plan (BRCP)? You can redraw funds from these facilities on any of the bank's direct (electronic) channels, i.e. AutoBank, Internet and telephone banking without incurring any additional charges provided you are revolving of your existing limit. Top   Disclaimer | Conditions of access | Privacy and security statement