Absa has introduced new pricing structure aimed at insulating customers from further financial strain amid a struggling economy. File Picture.
Johannesburg - As Covid-19 continues to wreak havoc with the economy, Absa has thrown a lifeline to consumers battling to make ends meet.
The bank said as of March 2021, new pricing structure aimed at helping their clients amid the struggling economy and insulate them from further financial strain will come info effect.
According to Absa’s Cowyk Fox, Covid-19 brought into sharp focus the need to look at customer relief holistically and across the board hence the decision to introduce the price adjustments for clients.
The new adjustments will see monthly fees for the Student Cheque Account waived entirely meaning that youth and students will now bank for free.
Fox also said there will be no increase to monthly fees for all Absa’s core offers, including Absa Transact, Gold Value Bundle, Premium Banking and Private Banking, while still offering retrenchment, disability and death benefits.
All day-to-day banking transactions will be free, including prepaid airtime and data top-up fees. There will also be free till point withdrawals as well as free unlimited digital payments and transfers for the bank’s value bundle customers.
“The implementation of a raft of pricing change will provide significant value to our customers, as the country contends with the devastating economic impact of Covid-19,” Fox said.
“Absa was also cognizant of the fact that people are under pressure financially, a point which has been illustrated by waiving certain fees and penalties and making it cheaper for customers to bank with us,” he said.
Fox said over the past year only, Absa rapidly increased financial relief efforts to their customers.
He said they provided R9.8-billion in payment relief to customers and more than R250m in relief through a combination of fee reductions and interest rate subsidies.
“Absa’s latest pricing review is specifically aimed at alleviating pressure for consumers from all walks of life – from those who want to handle all their affairs from the convenience of the Absa Banking App, to customers who prefer human interaction, all customers will have an unrivalled full-service banking experience,” Fox said.
The Star