Real cost of transactional banking has come down since 2010, report shows
Since 2010‚ the real cost of banking has come down for most consumers and particularly for those with mid-level accounts on a single fee for a bundle of transactions‚ the latest findings by the Solidarity Research Institute (SRI) show. According to the SRI‚ which has been reporting on the cost of banking for the past eight years‚ the fees charged on mid-level bundle accounts have remained at about R100 a month for several years. A bundle account is one that attracts a fixed monthly fee for a limited or unlimited number of transactions and typically includes a credit card. These accounts are popular and "marketed intensely to the middle-class"‚ the report notes. Gerhard van Onselen‚ economics researcher at the SRI‚ said that while it was difficult to make exact comparisons of accounts, because of changes in their names and structures, "comparisons of inflation-adjusted costs of similar accounts over time suggest there have been large decreases in the real cost of transactional bankin...
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