ABSA Bank On Me

ABSA Bank On Me

Bank on me is a convenient way to contribute towards the banking  fees of a Family member, an employee or dependent.
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.

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