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Financial services 1 October 2021

Standard Bank remains committed to the removal of Saswitch Fees

The Banking Association of South Africa (BASA) had announced a temporary removal of Saswitch Fees, a fee that customers pay for using other banks’ ATMs, from August 1st for a period of two months.

This was in response to the civil unrest that took place in Kwa-Zulu Natal and Gauteng, where several ATMs were looted and damaged.

October 1st 2021 will mark the end of the waiver period, however, Standard Bank remains committed to making banking easier and convenient by not charging ATM Saswitch Fees. Kabelo Makeke, Head of Consumer and High Net Worth Clients South Africa says, “We are aware of the challenges that have been faced by our clients since the beginning of the lockdown and the subsequent civil unrest. It remains our goal to make banking easier and more convenient for our customers”.

“The removal of the Saswitch fee creates greater access to cash for our customers across the country. This move is to ensure that customers are not left inconvenienced while rebuilding efforts are still taking place in some parts of the country that were looted. Our customers are urged to use any available ATM cash points to withdraw cash for a flat fee of R10 per R 1000 drawn,” says Kabelo Makeke.

“Standard Bank permanently scrapped the Saswitch fee at the beginning of this year following a temporary waiver during the COVID-19 pandemic lockdown level 5, last year. We remind customers that this benefit is still available and urge our customers to use these industry facilities,” says Makeke.

Standard Bank customers have got access to a Saswitch network of more than 20 000 ATMs from which to transact. In addition, Standard Bank customers are also reminded that cash withdrawals are still possible at Standard Bank ATMs and our wide retailer partner network like Pick n Pay, Builders, Cambridge Food, Checkers and Spar.

Cash deposits are also possible at Pick n Pay or Shoprite stores anywhere in the country.