STANDARD BANK EXTENDS INSTALMENT RELIEF MEASURES TO
PERSONAL ACCOUNT CUSTOMERS



29 March 2020: Standard
Bank has announced a second wave of relief to help its customer base navigate
financial commitments as Covid-19 continues to impact the livelihood of many
individuals across the country. 



The payment reprieve is aimed at
easing the financial burden of customers earning R7&nbsp;500 or less, who will
receive three-month instalment relief if they are not in arrears on any of
their accounts (as at 31 March 2020). This relief applies to qualifying
customers and their associated accounts, which include home loan, vehicle and
asset finance, credit cards as well as short term loans. Customers who opt for
the relief will see their interest and bank charges capitalised over the term
of their loan agreements. 



This second round of relief comes
after Standard Bank’s announcement last week that it would be instituting
instalment relief for both SMEs and fulltime students who have taken out loans
at the bank. The bank’s small enterprise clients with a turnover of less than
R20 million were granted a three-month instalment relief on their business loan
repayments. The latest instalment relief measure will further assist business
owners who bank with Standard Bank in their personal and business capacity. 



The three-month instalment relief
will be available on 1 April 2020 until end June 2020. Customers need not
contact the bank to initiate the offer, however, customers can continue to pay
their accounts as usual should they not want to take up on the relief offer
made by Standard Bank. 



Our customers’ financial
wellbeing remains our concern. Customers who are in financial distress and not
included in the three-month instalment relief offer, should contact the bank as
soon as possible by email on&nbsp; <a href="mailto:debtcarecentre@standardbank.co.za">debtcarecentre@standardbank.co.za</a>
or call us.



Funeka Montjane, Chief Executive,
Personal and Business Banking, Standard Bank South Africa, says: “At Standard
Bank, we are continuously looking for ways to provide the necessary assistance
to our customers who have been impacted negatively by the Covid-19 pandemic.”



Standard Bank is collaborating
with other government initiatives that have been started to support small
businesses and their employees. Qualifying employers and employees will also
get relief from initiatives like the Solidarity Fund. 



“We are committed to helping
those who are vulnerable at this time. It is critical that we try to ease their
financial burden and do what we can to prevent somebody from losing their home
or having to close their business. We continue to work with the industry and
regulators to ensure that we can solve some challenges systemically and we will
play our part responsibly to support government and the country,” says Ms
Montjane.



Furthermore, the banking sector
has collectively&nbsp;decided to waive Saswitch fees during the lockdown. This
means that a customer can use any ATM, including those offered by competing
banks and only pay the usual fees charged.



Standard Bank continues to evaluate
the current financial climate with a keen focus on how the bank can continue to
guide consumers through these difficult economic times.



“We will work tirelessly to find solutions that ease their financial burden in these times. We are here to help those who contribute to our society so that we can support economic growth in South Africa,” concluded Montjane.

Standard Bank extends instalment relief measures to personal account customers

30 March 2020



BANKS CHARGE REDUCED FOR SOCIAL GRANT BENEFICIARIES DURING COVID-19 LOCKDOWN 



Banks will significantly reduce their charges for South African Social Security Agency (SASSA) grant beneficiaries, to increase the number of pay-points they can use to collect their grants, which will help maintain social distancing in queues at bank branches and retailers, for the duration of the Covid-19 pandemic lockdown. 



Members of the Banking Association South Africa (BASA) provide accounts for 11.3 million SASSA beneficiaries. Banks – excluding the South African Post Office – have close to 400 000 points of service. This means SASSA beneficiaries will have more options for collecting their grants, including using ATMs at reduced costs. For grant payments for the lockdown period ending 16 April 2020: 



• Postbank and SASSA cards can be used at any ATM to withdraw SASSA grants, with no Saswitch charges.



• Withdrawal fees at bank ATMs will be waived for SASSA beneficiaries. 



For March grant payments, some SASSA beneficiaries may still be charged fees because banks cannot implement these technical changes at such short notice. Where fees are charged, they will be refunded by the SASSA beneficiaries’ bank as soon as possible. 



BASA members are assisting SASSA in communicating payment dates to beneficiaries. BASA members are also working closely with retailers and other stakeholders as part of their ongoing efforts to assist SASSA beneficiaries during the Covid-19 pandemic lockdown. 



ENDS 



Issued on behalf of The Banking Association South Africa

Bank charges reduced for social grant beneficiaries during COVID-19 lockdown

Saswitch

Standard Bank extends instalment relief measures to personal account customers

Bank charges reduced for social grant beneficiaries during COVID-19 lockdown

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Saswitch

Standard Bank extends instalment relief measures to personal account customers

Bank charges reduced for social grant beneficiaries during COVID-19 lockdown

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