Bank Zero has launched cash deposits at Shoprite and Pick n Pay — a feature it prioritized due to customer demand.
“Customers can deposit at any PnP or Shoprite till-point,” the bank stated.
“The fee is set by the retailer, and customers need to confirm this with the cashier before making the deposit.”
Deposits are available in the customer’s account immediately once their card and PIN are confirmed. It quietly added cash deposits around a month ago, and Bank Zero said it is already being used actively.
“[It’s] quite surprising to see some businesses jumping in quickly,” a Bank Zero spokesperson told MyBroadband.
In addition to launching cash deposits, Bank Zero released its pricing guide for next year. All of its zero-fee services remain free, while third-party and value-added services are priced the same.
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The only exception is Bank Zero’s card personalization and delivery fee, which it reduced. Card personalization and delivery to a Clicks store was reduced from R79 to R69.
Delivery to a street address in a metro decreased from R139 to R119, while delivery to an address “off the beaten track” was reduced from R179 to R159. “The current customer base of Bank Zero consists of a large percentage of first adopters, which reflects in our higher-than-expected account activity,” said Bank Zero chair Michael Jordaan.
“Whereas the early adopters were expected, the large percentage of business banking customers joining Bank Zero was somewhat surprising,” he added.
“It clearly talks to the current gap in the market for business banking — both in terms of fees and solutions.”
MyBroadband asked Bank Zero how many customers it has, and it said it did not wish to disclose numbers at this time.
SOURCE: My broadband
