Capitec Announces New Banking Fees for 2024, Including for Business Accounts

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Capitec, South Africa’s largest bank by customer base, has announced its fee adjustments for 2024, which will take effect from March 1st. Notably, these changes will also apply to its newly introduced business banking unit, Capitec Business, marking a departure from the conventional fee structures offered by other major banks for businesses.

Capitec’s business banking initiative is aimed at catering to the needs of small and medium-sized enterprises (SMEs), a segment that has attracted attention from several new players in the market, including digital-only banks like Bank Zero.

Gerrie Fourie, CEO of Capitec, emphasized that the approach to business banking will align with the principles that have guided the bank’s retail banking segment.

Key fee changes for 2024 include:

1. Standardization of ATM withdrawal fees: All ATM withdrawals, whether from Capitec ATMs or other bank ATMs, will incur a fee of R10 per R1,000 withdrawn. While this represents an increase from Capitec’s previous native ATM fees, it marks a decrease from the fees charged for using other South African bank ATMs in the previous year.
2. Marginally increased fees for withdrawals at till points: The fee for withdrawals at till points has risen slightly to R2.00.
3. Unchanged ATM deposit fees: Fees for depositing funds at ATMs remain unchanged.
4. Increase in monthly admin fee: The monthly administration fee has been raised to R7.50.

These adjustments reflect Capitec’s response to evolving market dynamics and its commitment to providing transparent and competitive banking services to its customers, both in the retail and business sectors.