Monday | 30 March | 2020
By Reon Janse van Rensburg
Temporary regulations recently gazetted by the South African government allow banks to collaborate on measures to assist clients during the Covid-19 pandemic, such as the suspension of competition rules that encourage cooperation (it had been prohibited before). It also led to other regulations being amended during the pandemic.
According to Standard Bank, Saswitch fees, the extra fee payable for using a competing bank’s ATM, will not be charged during the Covid-19 disaster. Standard Bank said that during the discussions, the banking sector had decided to forgo Saswitch fees during the shutdown.
This good news means customers can use any ATM closest to their homes, including those of other banks where they are not customers, and pay only the usual ATM fees normally charged by their bank for the transaction.
Banks were also requested to have enough cash available during this shutdown period.
It has not yet been determined exactly when the new regulations will be in place, but according to sources, banks are hard at work to implement this and it is one of their top priorities.
Other steps taken include the following:
All essential banking services will remain open during the shutdown period, and all service offices, ATMs and bank branches will continue to operate.
Visit Solidarity’s website for further news.
* All information was correct at the time of publication.