Bank Windhoek announces new fee structure

June 24, 2015, 8:08am

 

 

 

 

Bank Windhoek announces new fee structure

 

Bank Windhoek announced its new fee structure which becomes effective from 1 July 2015. “Bank Windhoek’s approach of ensuring customers always get value for their money when it comes to banking costs, was a key driver in the annual review of our fees”, said Christo de Vries, Managing Director.

“As a co-creator of the Namibian Code of Banking Practice, Bank Windhoek embraces the principle of transparency when it comes to fees for products and services and therefore is committed to disclose these fully. Furthermore, we aim to give our clients the best advice on using their bank accounts as cost effectively as possible, thereby assisting them to pay the lowest possible fees for their day-to-day banking.  As the financial partner of our clients, we want our clients to make informed decisions when managing their bank accounts and using our products and services, as ultimately we aim to make banking easy, affordable and accessible. We would therefore like to encourage our clients to contact their Bank Windhoek branch, should they have an enquiry related to the adjustment of their fees as a result of our annual increase in fees”, said Christo de Vries.  

“The reality of the increased cost of doing business does not protect Bank Windhoek from external price increases.  This is especially true for us as a business at this point where we are making significant investment into more efficient, sustainable solutions for serving our customers even better.  Costs of expanding and enhancing infrastructure, transporting and safeguarding cash, and our focus on the continuous development of our staff have also put pressure on expenses”, added Christo de Vries. 

Bank Windhoek applied a differentiated approach to the increase of its fees effective from 1 July 2015.  As part of the Bank’s differentiated approach to fee increases however, many services and transactions that have been offered free of charge to our clients up to now, remain free of charge.

During this year, Bank Windhoek launched a free SMS notification services, AlertMe, for its cardholders on all card transactions. This service to our clients, alerting them of transactions conducted with their card through an SMS, will continue to be free of charge.

Bank Windhoek aims to offer convenient and accessible banking services to our clients through our extensive national network of branches, agencies, ATMs and other channels such as Cellphone Banking, Internet Banking (iBank) and its Point-of-Sale devices. Bank Windhoek would like to encourage our clients to make use of electronic channels such as Cellphone Banking and Internet Banking as transactions on these channels are cheaper to use compared to conducting over-the-counter transactions.

In an attempt to make electronic banking more accessible to all customers and enable them to bank at their own convenience, Bank Windhoek has slashed monthly Internet Banking subscription fees by almost 40% for individuals and businesses.  Customers can still expect 24 hour telephone support for this channel, 7 days a week.  In addition to this, fixed pricing per transaction has been introduced to simplify transaction fees on the internet channel and allow for easier management and reconciliation of charges.  Bank Windhoek has also further removed fees for SMS notification for iBank activity and transactions, thereby empowering customers to be constantly informed of all activity on their transaction accounts and reduce the risk of losses due to fraudulent transactions.

Our Cellphone Banking services continues to offer clients a convenient and cost-effective channel to conduct their banking 24/7, such as paying third parties and other beneficiaries; purchasing airtime, do balance enquiries, request mini-statements and also buy electricity. The purchase of electricity remains free on Cellphone Banking.

Bank Windhoek is also proud to offer very competitive Point-of-Sale purchase (transaction) fees in the market and would like to encourage clients to make use of their debit cards for transactions which is much safer than carrying around cash.

Bank Windhoek’s individual and business clients with an annual turnover of N$1 million or less benefits from free cash deposits at all Bank Windhoek branches. Banking fees and charges are cited as one of the reasons why some Namibians do not have bank accounts. With the waiving of cash deposit fees for all individual clients, Bank Windhoek believes that more people will open a bank account and enjoy the benefits that come with the access to financial services and products. The zero cash handling fee will also benefit small and medium enterprises (SME’s) with a turnover of less than N$1 million as a means of supporting and assisting these start-up businesses to reach success.

Bank Windhoek’s basic bank account (EasySave) offers a range of benefits making it the Bank’s most affordable transaction account for low-income earners.  EasySave clients pay no monthly service fee, no cash deposit fee and very low withdrawal fees.  In addition they receive Life Cover of N$5000.

Good news for Bank Windhoek’s Solo clients (youth under the age of 19 years) is that Solo still offers free ATM withdrawals at Bank Windhoek ATMs and free Point-of-Sale transactions and lower monthly service fees are charged for these young clients.

Bank Windhoek’s SeniorSave clients (clients aged 55 years and older) do not pay a monthly service fee and continue to benefit from free ATM withdrawals at Bank Windhoek ATMs and free Point-of-Sale transactions.

A notice, in the form of a poster in all our branches and agencies, will display the annual fees and charges effective from 1 July 2015. The main fees and charges of Bank Windhoek will also be available in brochure format. Both the notice and the brochure will be published on Bank Windhoek’s website at www.bankwindhoek.com.na

Clients are encouraged to contact their nearest Bank Windhoek branch, should they have any specific enquiry regarding the adjustment of the Bank’s fees as from 1 July 2015 or to send an email to feedback@bankwindhoek.com.na