Every month, I have a rough idea of how much money is going to leave my account via debit orders.

How much will exit via late-night swipes at bars and the like will forever be a mystery, but one has to start the ascent to adulthood somewhere.

One thing I’m not really all that clued up on is bank charges. Sure, I know I pay around R180 a month for my account, but there are other charges that pop up from time to time (things like #ELECTRONIC TRF FEE, according to my statements) that I just don’t understand.

I know I should, because even though it’s R10 here and R8 there, that eventually adds up.

Thankfully, BusinessTech has done the hard yards, comparing “the basic fee structures of all the entry-level bank accounts” with those of Capitec, who have undercut the traditional ‘Big Four’ banks – FNB, Absa, Standard Bank and Nedbank.

The clock may well be ticking on the domination of these traditional banks, because digital is coming and the game is changing, but more on that later.

Again, these below are the fees for the entry-level accounts:

Absa

Nedbank

Standard Bank

FNB

As we mentioned, Capitec’s entry into the market has had a knock-on effect, so we’ll finish with them:

The number-crunchers among you can get down to business, but I can’t help but feel like every cent I fork out is a cent too many.

You’re racking up interest by hanging onto my money, and I then have to pay extra when I want to access it from an ATM, or get charged when I transfer money between different accounts?

I know I’m not the only one who feels this way (a gin-fuelled braai rant saw the sentiment echoed), which is why the digital banking revolution needs to strike, and strike hard.

There are a number of options out there, but we’re most excited about the team at Bettr, who has already cracked the big time at Africa’s premier start-up funding event.

Set to launch very shortly to the general public, Bettr offers Zero Monthly Fee accounts, which is music to many ears, because going digital erases all the costs associated with brick and mortar outlets.

The entire bank exists online. To open a bank account, you download the mobile banking app. By submitting your details and completing the security checks, you are assigned your virtual account.

Your card, linked to your virtual account, is delivered to your door, and you’re ready to start virtual banking, without paying a dime in monthly fees.

During each step of the development process, Bettr has spoken to everyday South Africans about their gripes with traditional banks and banking, resulting in a system that gives you what you want, how you want it.

There’s a reason the big banks are worried about what’s coming, and I’m ready to dabble.

If you are keen to join the revolution, you can pre-order your Zero Monthly Fee account and Bettr debit card, and find out more, here.

[source:businesstech]