【ZA Bank】🤗 Caring for your banking needs: Introducing our insufficient balance handling fee

At ZA Bank, our commitment to providing seamless and reliable banking services remains our top priority. As part of our ongoing efforts to enhance our offerings and ensure the sustainability of our services, we are introducing a new fee related to frequent transaction declines due to insufficient balance. We want to communicate this change transparently and explain its necessity.

What’s changing?

Currently, about 1% of our customers experience 15 or more transaction declines (including scheduled/recurring fund transfer, fund transfer via electronic direct debit authorisation (eDDA), cash withdrawal and ZA Card transaction) in a month because of insufficient balance in their savings accounts. While this might seem small, these declines account for over 8% of our operational costs related to processing transactions. This trend has been growing and affects our ability to offer competitive services to everyone. The good news? Most of our customers manage their accounts well, so this fee won’t apply to them. 🫰

 

Why do declined transactions cost money?

1. Authorisation process: Every time you attempt a transaction with your account or ZA card 💳, we need to check your account balance and other details to ensure everything is secure and reliable.
2. Network fees: Payment networks like Visa charge fees for processing transaction requests, even if they’re declined. These fees help keep our transaction network secure and efficient.
3. Operational integrity: Managing transaction requests - whether approved or declined - requires strong systems and compliance with regulations, ensuring your banking experience is safe🛡️.

What’s the new fee?

To maintain fairness and sustainability, we’ll be introducing a fee of HKD 120 for customers who have 15 or more declined transactions in a month due to insufficient balance. This will help us manage our operational costs while continuing to invest in features and services that benefit all our 800,000 users.

 

How we’re here to help 💁🏻

We understand that changes like this can be worrying, and we’re committed to making this transition as smooth as possible for you:

1. Auto top-up feature: Our “Auto Top-up” feature automatically transfers funds from a designated bank account when your ZA Bank savings account balance falls below a certain level after any transactions. This helps reduce the chance of declined transactions.
2. Notification system: We’ll notify you through the app📱 if your account is with low balance, giving you time to adjust your spending or add funds.
3. Customer support: Our friendly customer service team is always here to answer your questions and provide guidance on managing your account to avoid these fees.

 

Supporting our community🫶

We’re committed to supporting our customers, especially those who may be facing financial difficulties. If you’re in need, we can discuss exemptions or refunds for certain fees. Additionally, if we detect any fraudulent activity in the transaction, we’ll work with you to refund any associated fees. Just reach out to us, and we’ll do our best to help.

 

Thank you for your trust

We appreciate your understanding as we implement this change. Our goal is to ensure that ZA Bank remains a trusted partner in your financial journey, providing the best possible services and solutions💯. Thank you for being a valued member of our community!