Go to Bankmonitor to compare internet banking charges.
Banks are actively encouraging consumers to make use of electronic methods, such as internet banking, to manage their day-to-day financial affairs. And the cost structure of transactions is one of the methods banks are using to nudge you out of their branches and to adopting electronic banking.
Over the past two weeks, Personal Finance has compared the costs of transacting using the different channels available to you on cheque and savings accounts. Specifically, we looked at the cost of transacting at an automatic teller machine (ATM) - both at your own bank and at another bank's ATM - as well as over-the-counter. The figures clearly show that electronic transactions are cheaper than over-the-counter transactions.
Internet banking offers you convenience - no queues, unsuitable hours or the hassle of travelling to a branch.
A snap analysis of the costs of internet banking shows that Absa and Standard Bank have increased their charges since the table was published in November last year, while NBS has also made some adjustments.
Absa's fees have been upped by between three and 19 percent on selected transactions for individuals, as opposed to business users, whose fees have stayed the same.
Standard Bank's fees on particular transactions have increased by between six and 10 percent.
At NBS, payments from your cheque or savings account to the accounts of other people or organisations have risen by 15 percent and 16 percent respectively. The fee for debit orders at NBS has also gone up by 16 percent to R2.20.
As far as monthly service fees are concerned, bear in mind that you will be charged this fee on top of the service fees that you already pay on your cheque or savings accounts. Across the range of banks review-ed, First National Bank (for individual users) and Nedbank are the most expensive and charge you R22.80 a month. NBS has no monthly charge.
At some banks, such as Absa and FNB, the monthly service fee includes telephone banking. And at Standard Bank, telephone banking does not attract a monthly service fee, although you will be charged R19.50 a month if you sign up for internet banking.
Tips
* Make sure your internet personal identification number (PIN) differs from your automatic teller machine PIN;
* When selecting an internet PIN, avoid selecting simple numbers such as 12345 - these are the first numbers crooks try if they get hold of your account number;
* Your bank card and PIN are your "key" to internet banking, so don't compromise them by divulging them to anybody else;
* Don't be intimidated by internet banking. Banks' websites are user-friendly and easy to navigate once you get used to their layout and how they work; and
* Internet banking is very secure. Hackers cannot hack into a bank's systems. Bank internet sites usually consist of a 128-bit secure encryption infrastructure, which complies with the highest international internet security standards.