 |
|
|
|
|
|
 | Banking gives Eastern Cape social grant recipients a payout boost |  |  |
 |
|
17 April 2003
Standard Bank has committed itself to a working relationship with the Eastern Cape Department of Social Development that will ensure safer and more convenient social grant payouts in the province. Recipients will get free and immediate access to their grant monies through the bank's popular E Plan account.
"We are delighted that this facility can immediately be made available to some 37 000 existing Standard Bank customers who currently receive grants," says Mpumzi Pupuma, Standard Bank Retail Banking Director in the Eastern Cape. "We foresee that many thousands more grant recipients will take advantage of the security and flexibility our banking account offers."
Eastern Cape Social Development MEC Neo Moerane said Standard Bank had responded to a national call for a transformation of their services "in favour of the poor and vulnerable sectors of our society."
"Major blockages to our poor people accessing banking services have been eliminated," said Moerane.
Grant payments made through a bank account are cheaper and more efficient for the province than current methods of disbursement. According to the Intergovernmental Fiscal Review, it presently costs between R16,73 and R31,50 to administer each social grant. The Eastern Cape currently spends R31,50 on each grant. For each E Plan account opened under the Department of Social Development Eastern Cape scheme, the department will pay the bank R13,50 a month, which covers account maintenance and two free recipient withdrawals a month. Other transactions will attract normal charges for the account holder. Of the R13,50c, 50c will be paid into a fund managed jointly by the department and the bank for the improvement of community facilities.
E Plan is specifically intended for customers who have no need for a chequebook. Instead, the account is operated through automatic teller machines (ATMs) and telephone banking.
Customers under 60 years of age qualify for a basic death benefit of R1 500 and an additional R1 500 when certain criteria are met.
Customers can choose their daily and monthly ATM withdrawal limits to suit their needs and they have access to special AutoBank E Centres for assisted banking. E Plan cards are Maestro-enabled and can be used to pay for debit card purchases at any Maestro merchant countrywide.
|
|
|
|
|
|
|
|
|
|
|
