Hidden bank charges

[SilindileMbo]

Hi Dopamine,

We appreciate you for getting in touch.

Honouring fees are charged when you process a transaction and do not have enough funds to cater for that transaction. Merchants take 2-3 days up to 6 months to bank their transactions. Furthermore, funds need to be available and enough to cater for these transactions.

Once a transaction is banked and there are not enough funds in your account   to honour the transaction; an honouring fee will be charged because the merchant will already be paid. The fee will be equivalent to the transaction amount if the transaction is below R100.00 and will be R132.00 if the transaction is over R100.00.

Please ensure that you cater for all your transactions and fees once you are debited to avoid any penalty fees that will charged.

We hope you will find the above response in order and apologise for any inconveniences we may have caused.

Regards

Silindile

Standard Bank Team

[Dopamine]

I am currently using the MyMo bank account, my mom as well. There's been this "charge" I see on my declined transaction... Well the transactions are automatically processed as successful but I didn't have enough funds in my account. So that same amount (whether it be R10 or R100) I'm "charged" for it as "hounouring fee". This has happened to me twice, now I want to understand what is the reason behind this charge... Why don't my insufficient funds transactions decline? And no I don't have overdraft services on the account. I mentioned my mom having the same account as me cos with her, I've seen an "hounouring fee" charge on her declined account. Someone please explain I'm even thinking of closing the account