Absa Bank has launched a new product for people earning R2 000 or more a month or more. It was launched on May 15.
Company:
Absa.
Name of product:
FlexiSelect.
What is it:
It's a bank transaction account specifically designed to meet the needs of people earning R2 000 or more a month.
FlexiSelect gives you access to a range of banking facilities, including investments, savings products, overdraft facilities, small loans, housing loans, vehicle finance, credit cards, wills and insurance products.
FlexiSelect clients are automatically eligible for a number of additional free services, including emergency medical evacuation, access to emergency medical advice by telephone, health counselling, legal counselling, a legal assistance helpline and funeral support.
How it works:
The FlexiSelect bank transaction account offers you an overdraft of up to R2 000 a month should you fail to qualify but show responsible management of your account over six months, you can then qualify for this overdraft facility. Your needs will determine your savings, investment and insurance options.
A bank consultant can explain to you the cost options associated with the different products.
Who should apply:
Individuals or households earning R2 000 or more a month, who want a bank account to provide for their monthly transactions and who want to access banking facilities previously not available to them, such as overdrafts, small loans, housing loans, credit cards, vehicle finance, wills and a range of insurance products.
Minimum opening balance:
No minimum opening balance.
Cost for transaction:
R10.80 a month. Various transaction charges apply. You can choose between
pay-as-you-go or bundled easy-free options.
Transaction fee on cash withdrawals at ATMs:
R3 for the first R100 plus R0.90 for every R100.
Transaction fee on cash withdrawals at Saswitch ATMs:
R9 for the first R100 plus R0. 90 for every R100 thereafter.
Transaction fee for cash deposits:
When you deposit cash with a bank teller, the fee is 1.05 percent of the total deposit. When you use an Absa ATM for a cash deposit, the fee is R1.05 for the first R100 plus R0.90 for every R100.
Transaction fee for electronic account payments via the internet:
R2.10 for the first R100 with a R12 fee and R0.58 charged for every transaction thereafter.
Telephonic fee:
R2.10 for the first R100 and R0.58 for every R100 thereafter. Cellphone payments are free until September 30.
Transaction fee when assisted by an advisor:
R4.20 for the first R100 and R0.58 to a maximum of R12. An over-the-counter branch payment will cost you R14.
Debit order fee:
R4.75 for external and internal debit orders.
Stop-order initiation and amendment fee:
R10.40
Penalty fees:
The penalty fee for bounced account payments is R36. The fee for declined ATM withdrawals is R2.50.
The declined fee would apply if you tried to withdraw more money than is available in your account.
FlexiSelect customers can structure their own fees and choose only the services and products that they need.
You can choose from three management fee bands:
R30 a month for five transactions, R55 a month for 10 transactions and R75 a month for 15 transactions.