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Minister of Cooperative Governance and Traditional Affairs Des Van Rooyen. Picture Credit: Gallo Images
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Why isn't Go Banking giving big four banks a run for their money

By unknown | Jul 25, 2007 | COMMENTS [ 0 ]

Xolile Bhengu

Xolile Bhengu

South Africans like to gripe about the big four banks' fees, but few make the effort to shop around for cheaper alternatives.

Kevin Palmer heads grocery chain Pick 'n Pay's banking joint venture with Nedbank, Go Banking. He has battled to get people to move their accounts despite offering very competitive deals.

Part of the problem is making people aware that they can draw money at grocery tills and do not need to go to an ATM.

He constantly finds Go Banking clients queuing to pay R5,20 for an ATM withdrawal before walking into Pick 'n Pay stores to shop.

People are not aware they can withdraw cash at tills for free if their balance is over R5 000 or for R2 if they have less than that in their account.

"South Africans need to be more proactive in their banking choices and look at other great offers that are available. There is still a lot of work to be done by both sides," Palmer commented.

Go Banking charges account holders no monthly fee if their balance remains at R5000 and if their balance is less than R5000 they pay only R12.

The service has attracted 130000 current account customers and 50000 credit card customers.

"We have all failed somehow to just have a common understanding of each other. We have had a savings calculator for over a year, for example, but this is not used as much as we would like," he said.

The savings calculator can be found at www.gobanking.co.za

Palmer said promoting the Nedbank-acquired account was by far one of his biggest challenges in terms of communicating what the bank account was about and what it had to offer.

"It's a difficult journey but we will not give up and one day the penny will drop," he added.


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