Why South African banks limit your transaction history

Once the form is complete, users can hit the “Submit” button at the top to progress to the document submission page, where they must upload a copy of their ID before proceeding to payment. After signing in, users are presented with the home page and a “Create New Application” button at the top left-hand side of the screen. They must then specify whether the application is for themselves or on someone else’s behalf. “The customer has the option to either download the statement or email the statements to an email address of their choice,” the bank said.

It should be noted that Absa, FNB, Nedbank, and Standard Bank do offer more entry-level bank accounts with monthly fees comparable to Capitec’s. However, these accounts come with strict conditions, such as monthly spending and account balance limits. However, it should be noted that Absa Gold account customers can add a Gold credit card for no additional charge.

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The system launched in 2016, starting with a pilot phase that allowed citizens aged to apply for their smart ID card online. FNB said its customers are able to view 60 days transaction history or up to 150 entries on the FNB Banking App and Online Banking. “Our decisions are based on the latest consumer feedback, insights and trends,” the bank said. Viewing historical transactions should be straightforward, although this is often not the case.

Payment for bank branch appointments works by loading your banking details on the eHomeAffairs portal and finalising the transaction through your Internet banking. Banking apps and online banking do offer an easier way to view transactions than email communication, ATMs, or visiting a branch, however, and they are great tools for personal banking. Nedbank said the ability to view transactions going back 5 years for transactional accounts meets the needs of the majority of customers. At the time of publication, 68% of the reported problems were related to online banking, while 29% of the complaints were categorised under mobile banking. FNB appears to have changed its fees for immediate payments in recent months.

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The Department of Home Affairs (DHA) also recently launched its online booking system for ID card and passport renewals and applications — and the system lets you book at these select bank branches. “Our customers were unable to log-in to their internet banking services this morning for a brief period due to an issue with an external third-party tool,” Absa said. Nedbank customers are able to view their historical transactions up to 90 days from the Account Overview section of their specific transactional accounts on the Nedbank Money App and Online Banking. It’s important to note that once you’ve loaded your banking details on the eHomeAffairs payment portal, you can immediately book a slot at your preferred bank branch.

MyBroadband compared the online banking fees of Absa’s Gold, Capitec’s GlobalOne, FNB’s Aspire, Nedbank’s Savvy Plus, and Standard Bank’s MyMo Plus accounts for a range of transactions and processes. The payment system requires applicants to load their banking details on the eHomeAffairs portal and then complete the transaction through Internet or mobile banking. As of October 2021, the DHA listed 25 bank branches at which customers could complete their applications.

• All participating banks — Absa, Discovery Bank, FNB, Nedbank, and Standard Bank — have repeatedly told MyBroadband that they want to expand DHA services to more branches.
• Nedbank customers are able to view their historical transactions up to 90 days from the Account Overview section of their specific transactional accounts on the Nedbank Money App and Online Banking.
• According to the DownDetector web page for Absa, 86% of the problem reports at the time of writing were related to the bank’s online banking service, with 11% related to mobile banking.
• South African citizens must first visit the eHomeAffairs website and register a profile, which requires personal details such as their full name, ID number, date of birth, email, and cellphone number.
• The plan was to phase out green ID books when the DHA reached 38 million smart ID cards.

The system requires you to enter a one-time pin (OTP) upon login, sent via SMS. This follows after the South African banking industry was hit with a wave of DDoS attacks. “Our technical teams are working hard to restore the channels as quickly as possible and to identify the root cause,” Absa told MyBroadband when asked about the outage. Absa also includes R25,000 life cover in its Gold Account package, further increasing its potential value to customers. However, the bank now charges R0.65 per R100, with the first R100 being free. The DHA will struggle to justify a deadline for invalidating South Africa’s green ID books at this production rate.

Once your banking details have been captured, you can book a slot at the selected branch. Regarding the office or branch where you submit your biometrics, users currently have 30 bank branches from which to choose nationwide. Standard Bank said customers can access their account statements via its Internet Banking and mobile app platforms for up to a period of two years. The table below lists all the DHA-supported bank branches in South Africa, divided by province.

All participating banks — Absa, Discovery Bank, FNB, Nedbank, and Standard Bank — have repeatedly told MyBroadband that they want to expand DHA services to more branches. The system then presents users with an application form, in which many fields are pre-populated with your details. To start the application process, click the “Create New Application” button at the top left-hand side of the screen. South African citizens must first visit the eHomeAffairs website and register a profile, which requires personal details such as their full name, ID number, date of birth, email, and cellphone number.

Many users in South Africa are reporting problems with Absa’s Internet banking platform. Customers who tried to log in via online banking were greeted with a “System offline” message. Altogether, the basket comes to R55 for Capitec, with the next cheapest being FNB’s Aspire account — unless you factor in Absa’s bundled credit card with its Gold account. Nedbank and Standard Bank both charge R10 for immediate payments up to or equal to R2,000. For payments over R2,000, Nedbank charges a straight fee of R49, while Standard Bank charges R50. However, this doesn’t account for the numerous new green ID books that have been issued over the past 11 years, and the target is likely substantially higher.

In the past, customers were just charged a R7.00 transaction fee regardless of the amount. There is a lot of variation between parimatch india the banks regarding immediate payment fees. Capitec’s GlobalOne account offers the most affordable online banking fees compared to Absa, FNB, Nedbank, and Standard Bank’s offerings, a MyBroadband analysis has revealed.

Moreover, the applicant must be a customer of the bank that owns the branch where they book their appointment. Absa did not immediately respond to queries regarding the Internet banking downtime. The outage map shows that the downtime is widespread, with the majority of reports originating from populated urban areas. The basket for Absa’s Gold account, Nedbank’s Savvy Plus account, and Standard Bank’s MyMo Plus account works out to R153.50, R175.00, and R170.00, respectively. Therefore, the DHA must significantly increase its smart ID production to phase out green ID books anytime soon.

Update – Absa told MyBroadband that its online banking services have been restored. Even without these factored in, it still works out cheaper than Nedbank’s Savvy Plus and Standard Bank’s MyMo Plus account due to its more affordable instant payment fees. We included charges such as monthly admin, EFT, debit order, airtime top-up, and instant payment fees for our comparison. A complete list of available bank branches is provided at the end of the article. The bank added that it also offers up to 12 months free statements on certain accounts with older statements also available on both online and app-based banking.

These attacks were accompanied by a ransom note and resulted in the interruption of online, app, and mobile banking services at some banks. Absa’s mobile banking app was still working at the time of publication, meaning the issue is most likely exclusive to the bank’s Internet banking platform. According to the DownDetector web page for Absa, 86% of the problem reports at the time of writing were related to the bank’s online banking service, with 11% related to mobile banking. We created a basket of online transactions commonly processed by banking customers to calculate the indicative monthly cost of using each account. As a result, many South Africans no longer have to visit bank branches to make payments, get statements, or dispute debit orders.