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.
- 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.
- 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.
- This service provides a comprehensive statement that enables the beneficiary to keep track of their balance of reserved funds and manage their banking fees.
- 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.
- 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
- Making a Bank on Me payment is free for both the sponsor and the beneficiary.