September 17, 2021

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MANY PEOPLE ARE STILL AFRAID AND FEEL UNEASY TO DEPOSIT LARGE AMOUNTS OF MONEY AT ATMS

1 min read
Why use ATMs when you can transfer money at Shoprite or Checkers

Why use ATMs when you can transfer money at Shoprite or Checkers

Shoprite and Checkers now accept cash deposits at tills – here’s how their rates compare to banks

Customers can now deposit cash directly onto their bank cards at all Shoprite, Checkers, and Usave stores, for a single flat rate, to reflect in their bank accounts.
This means shoppers can now perform several basic banking services at all of the Shoprite group’s points of sale, including some account payments, airtime top-ups, and cash withdrawals – in a move similar to that of Pick n Pay’s last year.

The Shoprite Group says the service will add a new layer of convenience for its customers, many of whom receive salaries in cash and reside in rural areas, where bank branches and ATMs are scarce.

The group currently has a footprint of 1,700 stores that will accept these deposits, and many keep hours that are longer than banks and are often open on weekends.

The service works much the same as it does at Pick n Pay: shoppers simply need to present a MasterCard or Visa card at a point of sale, along with the cash they wish to deposit, and the teller will handle the transaction.

Shoprite, as with Pick n Pay, charges a flat rate of R19.95 per transaction. Most banks are currently steering their deposits towards ATMs rather than branches – and these typically have a fee-free threshold of either R1,500 or R3,000, after which a sliding per R100 scale increases the fees.

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