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Standard Bank will not be charging fees on its MyMo accounts amid COVID-19 pandemic

Standard Bank announced that in an attempt to make it easier, more affordable for customers to transact amid the COVID 19 outbreak, the bank will waive certain fees for customers who open a MyMo account between now and June 15.

A MyMo account is Standard Bank’s low-cost bank account, which can be opened via the Standard Bank web, Standard Bank App or by visiting the branch. 


The following fees will be waived, every month, for the next six months:

1. MyMo monthly management fee of R4.95

2. ATM cash withdrawal fees up to R2000 at Standard Bank ATMs

3. Instant Money fees, for vouchers below R1000

Standard Bank offers a wide-range of banking features that include the ability for customers to open an account using their mobile phone. This eliminates the need to collect documentation or the need to visit a physical branch to open an account. Instead, customers can sign up by simply taking a selfie on the Banking App.

Those who wish to open a MyMo account but don’t have Internet access, can visit their nearest branch where a Standard Bank employee will help them open an account, the customer only needs to bring their ID document.

"We understand the pressures that ordinary South Africans are facing at this time," said Tshiamo Molanda, Head: Everyday Banking Main Market at Standard Bank. 

Molanda added, "By waiving the fees associated to the MyMo account, we hope to help ease the financial burdens of individuals. We want our customers to have piece of mind that they can get their salary or any funds deposited into a MyMo account without having to worry about fees."

Written by: Staff Writer.

Guzzle Media

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