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Nedbank's latest pricing-related initiatives - an online bank fees calculator backed by a pricing call centre and a facility to withdraw cash cheaply at selected till points - signal the next stage in the bank's quest to offer great value banking.
According to Bryan McLachlan, head of transactional and investment products at Nedbank, the journey to make banking at Nedbank more affordable by reducing fees, simplifying them and making them more transparent began four years ago.
In 2005 the bank left its fees unchanged and in the last two years it slashed banking fees by an average of 19 percent (13 percent in 2006 and 6percent in 2007).
Many fee structures were simplified and 24 fees eliminated.
"Our pricing is now extremely competitive and we are determined to maintain that position," McLachlan says.
"For example, despite the latest review, the typical Nedbank retail current account client still enjoys the best fees compared with our counterparts."
He says the 2008 retail banking pricing review, which comes into effect at the beginning of next month, has left 80 percent of fees unchanged, reduced or simplified.
Where there have been increases these have been kept at an average of about 5 percent, well below the current inflation rate of 10,4 percent, he adds.
Meanwhile, Nedbank has introduced an online bank fees calculator to help clients navigate the new fee structure, compare fees across various banks and make informed choices.
The calculator, which is unlike any other in the market, allows clients to select a profile based on their typical transacting behaviour and match this to a range of relevant Nedbank products.
Clients can compare the monthly fees payable across the range.
This online facility, accessible via www.nedbank.co.za will also enable clients to compare their fees with comparable products offered by other banks.