Johannesburg — Standard Bank would increase its transactional bank charges an average 4,65% from January, its CEO for personal and business banking for SA, Sim Tshabalala, said yesterday.

Tshabalala said charges on transaction products would rise 4,33% while those for savings and investment products would be increased 1,9%. Charges on the bank's Mzansi and E-Plan products would rise 2,3% and 4,4%, respectively.

"This past year has probably been one of the most challenging for retail banking. We have been cognisant of the changing operating environment when adjusting our prices," he said. "Big factors this year have been the National Credit Act and the Competition Commission inquiry. Standard Bank welcomes the Competition Commission hearings into bank charges and is encouraged and mindful of the increased consumerism that this has borne. "As in previous years, Standard Bank has aligned its next year's pricing with value for money, below-inflation increases, coupled with simplicity, affordability and sustainability."

Standard Bank's director of banking products, Keith Fuller, said: "Adjustments to the E-Plan and Mzansi products are well below inflation. Mzansi customers in particular, as well as many of our E-Plan customers, do not enjoy high levels of disposable income and as a consequence it is important that these products remain affordable. "Important features of our Mzansi account such as providing several free internal debit orders, and not charging for the first two unpaid debit orders, remain unchanged."

Monthly "inactive" fees for the Marketlink accounts had been discontinued. Most of the fees connected with foreign exchange remained unchanged, Fuller said. The pricing of Standard Bank bundled accounts had been simplified by "collapsing" electronic and cheque card transactions. The "travel wallet" had been included in selected bundled packages. "Seventy-five percent of our personal banking customers have opted to use our bundled options. "They offer a customer increased transactional flexibility, access to the most modern and convenient products and channels at a very affordable price.

"Bundled options are by far the cheapest on the market when using a typical Standard Bank customer profile. Bundled offerings can save a customer between 39% and 52% on annual banking charges," he said.