LEARNER SUPPORT MATERIAL

THE BANK STATEMENT

1. A bank statement is a summary of all the transactions of a bank account. This account may be a cheque, savings, investment or credit card account. The accounts are generally sent once a month to the account holder.

2. The statements are printed on paper and sent to the account holder via post. The account holder can also opt for a “virtual” statement to be sent via e mail. The bank will use this opportunity to insert important notices to promote new products and notifications of fee and interest rate changes. It is important to check ones bank statement as there may be inverted numbers or unlawful withdrawals.

4. The statement is seen from the banks point of view. We are the bank’s creditors. When we pay money into the account it will reflect as a credit and when money goes out of the account it will reflect as a debit.

5. The details you can expect to see on a bank statement include:

  • name and address of the bank
  • name and address of the account holder
  • account number
  • number of pages
  • The opening balance before any transactions have taken place
  • a record of all debit (money going out) and credit (income)transactions
  • the amount of money left in the account i.e. closing balance

6. Money coming into an account (credits) would include:

6.1. Direct transfer e.g. Salaries and wages

6.2. Cash deposits

6.3. Cheque deposits

7.Money going out of the account (debits) would include

7.1. Debit orders(DO) – the beneficiary instructs the bank to draw money in its favour from the account holder’s account e.g. car and furniture payments

7.2. Stop orders(SO) – the account holder instructs the bank to pay the beneficiary

7.3. Cash withdrawals from a teller in the bank

7.4. ATM cash withdrawals

7.5. ATM payments e.g. cell phone recharge

7.6. Cheque payments (cheque account)

7.8. Internet payments

7.9. Debit card payments

7.10. Bank charges/fees – these are for every transaction made through the account

7.11. Interest on overdraft(OD) – an overdraft limit can be arranged. This is a type of loan from the bank. This allows the account holder access to more cash than what is in his/her bank account. Interest is charged on an overdraft. An account with a balance that is in overdraft will have a Debit balance. The account holder is now seen as a debtor because he/she owes the bankmoney. The account is in the “red”. As soon as money is paid into the account and it covers the overdraft, the account is in the “black”

Excerpt from Standard Bank web site

FAQ’s (Frequently asked questions)

Why am I charged a fee if someone deposits money into my account?

We are trying to keep banking costs to a minimum by automating transactions where possible. The handling of cash is manual and there are also ever-increasing costs involved, such as security and insurance premiums.
You can avoid this charge by ensuring that your employer pays your salary directly into your account. Cheque deposits are also free. You can also save by making electronic transfers and electronic account payments when you need to deposit money into other bank accounts. Our consultants will help you link your accounts so that you can enjoy these services. Also, remember that all personal transaction accounts receive their first AutoBank cash deposit free per month.
On PlusPlan and MarketLink the first cash deposit (up to a maximum of R2500.00) is free across any channel. For PureSave the first two cash deposits (up to a maximum of R2500.00) are free across any channel.

Why does it cost more to use another bank's ATM?

When you use another bank's ATM you are using two banks for one transaction. Both banks incur costs that they need to recover. Your bank charges a normal transaction fee and the bank whose ATM you use charges your bank an inter-bank fee for using its ATM. Your bank charges you a fee in addition to normal ATM cash withdrawal fee to offset the interbank fee paid to the other bank.
Standard Bank has an extensive network of ATM's (over 4000) and as such it is possible to avoid these additional costs.

Why must I pay R3,65 if my request to withdraw cash at another bank's ATM is declined?

As with any transaction at another Bank's ATM, there are two banks involved and the fee is to cover both the inter-bank fee as well as the cost of processing the rejected transaction. To avoid paying this fee, you should ensure you have sufficient money in your account to cover the withdrawal.

Why must I pay to replace my ATM card if I lose it?

All our cards are durable and are designed to last. It is costly to replace these cards and thus the charge to recover these costs. These charges include your Stop Card. Your AutoBank cards must be kept in a secure place. If the card needs to be replaced due to a faulty magnetic strip or other bank reasons, the fee may be waived.

How can I avoid paying unpaid item fees?

There are fees for unpaid or dishonoured items and declined ATM requests at other banks ATM. This is how to avoid them:

  • Be aware of the balance on your account. If you're unsure check your balance at any AutoBank, or by telephone, cellphone or Internet banking. Remember cellphone and internet banking balance enquiries and statements are free
  • Always remain within your account limit and avoid paying fees on items that are dishonoured because there is insufficient money in your account.
  • Draw up a budget and a schedule of regular payments and then see how much you can afford to spend on entertainment and luxuries.
  • When paying by cheque, make sure that the cheque is not post-dated, as you will be charged an unpaid deposit fee for each unpaid or post-dated cheque deposited.
  • When paying by cheque, make sure that the cheque is not post-dated, as you will be charged an unpaid deposit fee for each unpaid or post-dated cheque deposited.
  • Arrange for your debit orders and stop orders to be paid at the most convenient time for you, preferably just after your salary is received, but allow a day or two just in case your salary is late.
  • Ensure that you remain within your allocated credit limits, as you will incur "over limit" charges if you exceed this.