Adulting 101

Welcome to our new section, #adulting 101, where we bring you the latest news you need to know as an adult. Not the xxx type 🤭, but rather admin-related news that affects your life and your pocket. This week there’s vaccine registration and bank fees. 

  • Phase 2 registration 

If you are over 60 and haven’t yet registered for your vaccine, you can do so via the government’s Electronic Vaccination Data System (EVDS), via WhatsApp by sending the word ‘register’ to 0600 123 465, or you can send an SMS by dialling *134*832* and your ID number to complete your registration. 

  • Irregular bank charges

Do you find real-time clearing (RTC) payments more convenient and quicker than electronic fund transfers (EFTs)? Then you’re probably getting charged a little – or a lot – extra, depending on who you bank with. A close look at bank charges found a significant difference in the fees that banks charge to process RTC payments. The prices vary from R10 to as much as R50.  Banks said that immediate payments increase the risk of fraud and fees are charged for risk monitoring and the new technology to enable RTCs.

Here’s a breakdown of fees at SA’s top five banks courtesy of Business Insider: 

  • Capitec: R7.40 flat rate
  • Absa: R10 for under R1000, R49 thereafter
  • Nedbank: R10 for under R2000, R49 thereafter
  • Standard Bank: R10 for under R3000, R50 thereafter
  • FNB: R8 for PAYU and R45 for others.

The Financial Sector Conduct Authority (FSCA) is looking into the matter.

This article appeared as part of The Wrap, 15 April 2021. Sign up to receive our weekly updates