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home > rates & charges > effective account management >
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Cheque Account
Because your cheque account is undoubtedly the account you access most often, we have ensured that, where we had to adjust our prices due to rising administrative and material costs, these were in line with the current inflation rate. Stamp duty if N$0,20 per debit applies.
| Charges for most frequently performed cheque account transactions |
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Over the counter |
| Nedbank ATM |
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| Cash deposit |
N$2.31 per N$100.00 |
N$2.45 per N$100.00 |
| Cash withdrawal |
N$10.00 plus service fee |
N$2.75 processing fee, plus |
| N$0.95 for first N$100.00 and |
| N$0.75 for every N$100.00 thereafter |
| Cheque deposit |
No charge |
No charge |
| Statement Provisional |
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| over the counter |
N$7.50 |
N$2.75 |
| Balance enquiry |
N$2.75 |
N$2.75 |
| Inter-account transfer |
Free |
Free |
The cost of cheque account cash transactions
Since the risk associated with handling cash is high and strict security measures are needed, cash withdrawals and deposits, particularly those made over the counter, are relatively more expensive. For an overview of the cheque account fees applicable to retail banking clients, please contact your personal banker directly.
Calculating cheques service fees
When issuing a cheque, the fee is based on a three-part formula consisting of 149/165/2300. illustrated as follows:
- N$1.49 for the first N$100.00 or part thereof
- N$1.65 for each subsequent N$100.00 or part thereof, with
- N$23.00 being the maximum service fee applied
Whether you issue a cheque for N$2,000.00 or N$5,000.00, N$23.00 is the most it will cost.
Example:
For a R750.00 cheque, the service fee would be: N$1.49 (first N$100.00) + 7 x N$1.65 (remainder) = N$14.00.
Remember, a fee of N$70.00 is charged for every transaction on your account that results in unauthorized overdraft.
Please note: All fees include 15% VAT.
| Charges for most frequently performed cheque account products |
| Chequebook |
| Chequebook (40 cheques) |
N$20.00 |
| Garage Debit Cheque Card |
| Annual fee |
N$110.00 |
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| Lost-card protection |
N$34.80 per annum |
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| Card replacement |
N$73.00 |
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| Transaction fee |
N$3.25 per fuel transaction |
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| Nedbank Debit Card |
| Annual fee |
N$110.00 |
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| Card replacement |
N$73.00 per card |
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| Lost-card protection |
N$34.80 per annum |
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| Purchase fee |
55% of service fee |
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| International/overseas cash withdrawal fee |
N$33.00 |
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| Please note: All fees include 15% VAT. |
Experiencing the value of your cheque account
Your Nedbank cheque account offers you numerous value-added benefits, including:
- Over-the-counter cash deposits and ATM balance enquiries, for which we have not increased our service charges as many of our clients use these services frequently
- A choice of products that suit your lifestyle, such as a Nedbank cheque book, a Nedbank debit card and a garage debit card, all of which save you the hassle of withdrawing and carrying large amounts of cash
Managing your cheque account cost effectively
- Stay within your cheque account overdraft limit. You will avoid paying penalty fees and high interest rates on any excess above your overdraft limit. Plus, you will avoid administration charges levied on cheques and debit orders rejected due to insufficient funds in your account. If you are battling to stay within your overdraft limit, rather apply for a higher overdraft limit than pay unnecessary banking charges
- Avoid the cost of withdrawing cash (as well as the risk of carrying cash) by making your Nedbank debit card your preferred method of payment for goods and services. Use your garage debit card instead of cash when paying for vehicle-related expenses
- Avoid paying unnecessary penalty fees by ensuring you have sufficient funds in your account to cover all your payments, including stop orders and debit orders
- When you need cash, remember it is cheaper to withdraw one lump sum each week than smaller amounts every day
| Charges for Frequently used cheque account digital services |
| Self-service terminals |
| Monthly subscription |
Free |
| Balance enquiry |
Free |
| Statement |
| All statements per charges cycle |
Free |
| Inter-account transfer (profile-linked) |
Free |
| Third-party account payment |
100% of service fee |
| NetBank digital banking |
| Monthly subscription |
N$25.00 |
| Balance enquiries |
Free |
| Statement - less than 90 days' history |
Free |
| Interaccount transfer |
N$3.50 per transaction |
| Third-party account payment |
50% of service fee |
Managing your cheque account digital banking cost-effectively
- Use Nedbank ATM’s instead of Saswitch ATM’s to avoid paying higher ATM transaction fees
- Maximise on Nedbank’s subscription-free services by using our self-service terminals
- Remember, it is cheaper and safer to pay accounts electronically instead of drawing cash or issuing a cheque. It is also cheaper to receive electronic payments than to deposit cash or cheques at a branch or ATM. Electronic payments into your account also eliminate the need for cheque clearance
- To avoid incurring the cost of denied-transaction fees, ensure you have sufficient funds in your account to cover your cash withdrawals
- Look after your ATM card to avoid paying card replacement fees
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