What is Bank on Me?

Bank on me is a convenient way to contribute towards the banking fees of a family member, an employee or dependant.
It's a convenient and cost-effective service that allows you to fund another person's banking fees, meaning they can bank worry-free.

  • How Bank on Me works

    • On Absa online , you can make a Bank on Me once off payment, beneficiary payment or schedule a recurring payment to your dependent’s Absa account.
    • The money will go into your dependent’s bank account and it will be reserved only for banking fees.
    • The dependent’s banking fees will be  deducted from the reserve to pay for fees.

    OR

    • Take your green bar coded ID and your dependent’s account details to your nearest ABSA branch.
    • At the branch the banker will help you create a bank on me stop order.

  • Why Bank on Me

    • This service provides a comprehensive statement that enables the beneficiary to keep track of their balance of reserved funds and manage their banking fees.

  • Where can I create a Bank on Me payment?

    • On Absa Online the sponsor will establish a stop order, beneficiary payments or once off transfers for an amount to be transferred to the Bank on Me beneficiary’s reserved wallet.
    • The sponsor can choose how much they would like to contribute and to whom they would like to contribute.

  • What happens once I sponsor someone’s account?

    • Once a Bank on Me payment is made, the funds will be reserved in the reserved wallet and can only be accessed for the sole purpose of collecting monthly fees.
    • If the monthly bank charges are greater than the balance of reserved funds, the remainder will be debited against the beneficiaries account balance.
    • Should the beneficiary close their account, and there is a surplus in the reserved wallet, this money will be paid out to the beneficiary upon closure. 
    • If the beneficiary closes their account but still has an outstanding ATM loan, then the outstanding amount will be recovered from the reserved funds. 
    • Note  that when the reserved wallet  balance reaches R20, a notification will be sent to the beneficiary

  • How much will it cost me to create a Bank on Me payment?

    • Making a Bank on Me payment is free for both the sponsor and the beneficiary.

Activate Bank on Me

 

Need more help?

Let one of our consultants help you get the best account for your needs.

Call us on:

08600 08600

E-mail us at:

absa@absa.co.za

Visit your nearest branch