Stanchart launches salary advance service

The service allows the bank's  signed up current account holders to withdraw money from their account before their salaries are paid. Speaking at a media launch of the service yesterday morning, Michael Wiegand, acting CEO and Head of Consumer Banking, said that the service would be a "huge advantage for when people need emergency cash".

Customers will be allowed to withdraw up to 70 percent of their salaries before they are paid, and will be charged 2.25 percent of the money they withdraw.  Signing up for the service is free, and after signing up the service is always available through the ATM, mobile and Internet banking, debit card or cheque.