FINANCE

FAQs - EcoCashSave

What is the EcoCash $ave Service?

This is a paperless banking service offered through ECOCASH that will;

  • Enable you open and operate an EcoCash $ave bank account through your mobile phone, through ECOCASH, without having to visit any bank to fill out bank account opening forms.
  • It provides you the ability to move money in and out of your EcoCash $ave savings account to your ECOCASH account at no charge.
  • It gives you an opportunity to save as little as $ 1 and earn interest on your saving balance. This cash is moved into the savings account using your handset via the EcoCash Menu.

What are the requirements to have an EcoCash $ave Account?

To get an EcoCash $ave account, you need to be a registered EcoCash customer.

How do you as an Existing EcoCash Customer opt in/activate your line into the service?

  • Go to EcoCash Menu.
  • Select EcoCash $ave.
  • A message will appear requesting you to read and accept the Terms & Conditions (Available at all EcoCash Agent Outlets, www.stewardbank.co.zw & www.econet.co.zw)
  • After accepting the terms; an SMS will be sent informing you that you are now activated on the EcoCash $ave service.

Do I need a different PIN to access my EcoCash $ave account?

No. Your EcoCash PIN is the same PIN that you will use for your EcoCash $ave account. Always remember YOUR PIN IS YOUR SECRET.

How do you check your EcoCash $ave account balance?

On the customer's ECOCASH menu:-

  • Select EcoCash $ave.
  • Select Check balance.
  • Select EcoCash Save

What are the charges on the service?

  • There are no ledger fees, no limit on the frequency of withdrawals, No minimum operating balance and no charge on deposits (EcoCash to EcoCash $ave Account).
  • The standard EcoCash limits apply; however you can deposit as low as US$ 1 in your EcoCash $ave savings account.

What is the minimum amount that you can hold in your EcoCash $ave account (Minimum account balance)?

The minimum amount that you can keep in your account is $ 0 (zero) balance.

Can you send money to people who have an EcoCash $ave Account, directly to their EcoCash $ave account?

You cannot move money from your EcoCash $ave account directly into another person's EcoCash $ave account. However, you can transfer money from your EcoCash wallet into their EcoCash wallet.

Can you access your EcoCash $ave account through any Steward Bank branch?

No. Your account is only accessible through your mobile phone via the EcoCash menu on your Econet line.

What is the maximum you can transfer from EcoCash to EcoCash $ave and vice versa?

The following limits apply:

  • Minimum deposit - $1
  • Minimum withdrawal - $2
  • Minimum EcoCash $ave balance - $0
  • Maximum deposit per transaction - $500
  • Maximum withdrawal per transaction - $500
  • Total transaction amount per day - $1,000

Can you send money to your other accounts within Steward Bank directly from your EcoCash $ave Account?

No. You can only transfer money from your EcoCash $ave account into your EcoCash wallet. You can only transfer from your EcoCash wallet to your bank account if you are registered for the banking services

Will the EcoCash $ave statements be available?

Currently,

you can get 3 recently completed transactions through your mini statement. You can also request printout statements from all Econet service centers and Steward Bank branch.

How do you save and withdraw money on the EcoCash $ave account?

  1. To Deposit to EcoCash $ave Account
    • Go to your EcoCash menu and select 'EcoCash $ave.
    • Select 'Transfer to savings'.
    • Enter amount
    • Select bank account which is EcoCash Save and confirm
    • You will receive a confirmation message as follows:
      Your wallet to bank account (0774222625) transfer of USD 5.00 was successful. Transaction ID: WB1380827.1422.C00009. Your new wallet balance: USD 1000.00
  2. Withdraw from EcoCash $ave Account
  3. Go to your EcoCash menu and select 'EcoCash $ave.
  4. Select "Withdraw from savings".
  5. Enter amount
  6. Select bank account which is EcoCash Save and confirm
  7. You will receive a confirmation message as follows:
    Your bank account (0774222625) to wallet transfer of USD 5.00 was successful. Transaction ID: BW1380827.1422.C00009. Your new wallet balance: USD 995.00

What is the minimum amount you can move from your EcoCash $ave into your EcoCash wallet?

You can move a minimum of $ 1 from your EcoCash $ave account into your EcoCash account.

How many times can you send to bank (deposit) money from EcoCash into your EcoCash $ave account?

You can send money to bank as savings as many times as possible at NO charge.

What is the minimum amount that you can send to bank (deposit) as savings?

The minimum amount you can deposit is $ 1 (one dollar).

How many times can you withdraw money from your EcoCash $ave account into your EcoCash account?

You can withdraw as many times as you like at NO charge.

Will you be able to access your account outside Zimbabwe?

You will be able to transact on your EcoCash and EcoCash $ave account wherever you can roam.

What happens if you lose your mobile phone and have an EcoCash $ave account?

Your money is safe because your EcoCash $ave account is protected by your EcoCash PIN. Replace your SIM card at any of our Econet Service Centers. Once you activate your EcoCash menu, using your current EcoCash you will be able to access your EcoCash $ave account.

After a SIM swap, will your EcoCash line pick the EcoCash $ave account you had on a previous line or do you have to opt-in again?

You do not need to opt-in again, the system will automatically update your EcoCash $ave account and all the money in your account will be reflected as soon as you reactivate your EcoCash account using your current EcoCash PIN.

What benefits do you get when you save your money on the EcoCash $ave service?

You will be paid interest on your savings balance (Interest will be calculated daily but paid out at the end of each calendar month).

What are the key advantages of EcoCash $ave service?

  • EcoCash $ave is a paperless (mobile centric), safe and fast service that allows you to save; borrow through your phone.
  • EcoCash $ave has competitive interest rates on savings
  • Interest is calculated daily and paid out at the end of each calendar month.
  • There are no ledger fees.
  • There are no withdrawal charges in moving money between EcoCash $ave account and EcoCash.


Category: Savings account

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