We are All idiots when it comes to Banking in SA

K

K@izer§øze™

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I'm sure that this topic has been posted here before and will be done so long after the bastards who owns banks in this country has all gone to hell in their BMW's dragging their botox puffed up trophy wifes with them.

I am sick and tired of paying FNB for handling MY money. I just had to pay + - R140 to deposit cash. WHY? Is my money dirty that it needs to be sent to a dry cleaner? Or perhaps the poor sob behind the counter who earns minimum wage has to have special germ cleaner because of where some people store their cash. Now, dont try and withdraw money fronm another non FNB atm. That set me back R60. Not to mention the service fee of R60 and monthly account fees. AND THIS IS MY MONEY! The interest on a credit balance isnt worth the trouble they put me through to actually maintain a positive balance.

We are all fools. In the states ( never been there, but look at Bowling for Colombine ) they are giving you gifts for opening accounts with them. In the aforementioned movie, a gun. Here, you have to pay the bank to give you **** service, poor security, boosted and overinflated charges and not to mention arrogant morons at customer sucker...err...service.
 
So, what are you proposing? You want to form a community bank?
I've got some 20K I can throw at the project provided you give me your car as "Insurance".

i.e. What choice do we have?

You want us to march against "high Bank service fee's"?

I understand your RANT, but, another voice crying in the wilderness is not going really to make a difference.
 
stoke said:
You want us to march against "high Bank service fee's"?
Click to expand...

I believe this has been done very effectively in other parts of the world - issue is, we have far more urgent and serious reasons to be marching..
 
And i anderstand your PATHETIC RELUCTANCE to speak up. What happened to the inquiries into high service fees ( Cant remember the name of commision set up ). Who's following that up? March? I bet you everything i have, that if there was such a march, you would also say..." another voice crying in the wilderness is not going really to make a difference."
 
carudden said:
I believe this has been done very effectively in other parts of the world - issue is, we have far more urgent and serious reasons to be marching..
Click to expand...

I agree wholehaertedly. My next question is...and make no mistake..im NOT a high income earner, but if the banks smoke me like that, what happens to "the people" out there. The ones who, faught for freedom and not sit on their arses with a " its not my problem" or " onje person wont make a difference "attitude? Why are we all so silent about this?
 
Rubbish, I'll be in the march carrying the biggest sign I can hold up, and I'll be carrying it high.

I freaking hate the banks here with a passion, and it's critically unfair that we are forced to pay 20% and more interest, where other places in the world get away with 5% MAX.

We're loosing at a rate of 20%, which puts us sooooo far behind that it's criminal.

That to me is much more of a key issue than the exorbitant costs of handling cash which is a side effect of cash-crime costs, which is a side effect of bad POLICE governance.

The problem is that our core problems originate in the Governmint who are not serving their populance, but are bickering about the freaking SABC?

Call it, I'll be there!
 
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Im trying to find the name of the enquiry set up a year or so ago. Can anyone help me out?. This is becoming my project I just decided. If you see someone picketing in a bright red banana suit in front of banks...that would be me...hehehe
 
It must be tough seeing an ever increasing percentage of your cash vanish in fees as your salary goes down (fixed charges). At least an account with zero charges for minimum wage earners.
 
stoke said:
That to me is a much more key issue than the exorbitant costs of handling cash which is a side effect of cash-crime costs, which is a side effect of bad POLICE governance.
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Fair enough, but EFT should be free, d@mnit :D Who uses cash anyway :sick:
 
Just like the cellular networks - a cartel under cover.
Sub-Standard (aka Standard W@nk) - due to their incompetent people - cost me additional interest charges of around R8000 over 6 months over 8 years ago.
At the time been through their system 3 times, eventually went to the Ombudsman - no luck. Even Jacko Maree - then main honcho - who, incidently, received a R19m bonus for that year = GRAND THEFT/BLOOD MONEY.
Even had a meeting (after several before), and insisted a signed doc regarding what was discussed and promised. This doc was amended about 3 times as some of the bank managers felt "exposed". Still nothing - they printed the doc on statement paper which does not have the formalities at the bottom - not legal tender. Highly paid people to play cat & mouse with customers and trick them this way.:mad:
Also variations on interest calcs - bond and stannic. Laugh people off.

South African style of 1 world standards - Ombudsman. Big thing of consumer rights etc. They adopted the UK one as a foundations, then tossed out 40% of it as the Banks could not allow the consumer those rights basically.
Bottom line = Ombudsman is funded by the Banking council, who is funded by the banks.
 
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Someone has to be the devils advocate on this subject, so let it be me. I would be the first to say that in the past that banks in SA got away with "murder". However, there are a few errors in some of the statements on this thread. The banks are not only responsible for the interest rate. Inflation is the main reason that SA interest rates are higher than say the UK. Where you could point a finger at the Banks is the difference between the repo rate and the rate they charge you. Unfortunately in SA savings levels are low and there is not as much "cheap" money as there is in say the UK.

Also, it is more expensive to run a Bank in SA than in say a UK. It comes down to economies of scale. A further problem local banks face is that the large number of clients are illeterate and this results in the Banks having to employ more people. Added to this they are being pressured to build branches in poorer areas, which remain unprofitable. SA Banks have been pressured to lend monies on properties in areas where an overseas bank would not lend due to the risk factors.

Crime is the other big issue. The local Banks are spending millions (hundred) to fight crime. Hundreds of attempted frauds are happening daily. Then you complained about cash, this is a major expense to the Banks, due to the risks of handling cash. The security companies demand large payments to transport money and the insurance companies charge massive premiums to cover the cash. Most Banks now have there own "police forces" to try to reduce risk. These are not the problems overseas banks sit with. Recently new legislation such as NCA, FICA, FAIS and now Basel 2, are adding to the banks operating costs.

All of that said, I do believe that the Banks profits are still on the excessive side. There is room for some cutting of costs. But to compare or expect our charges to relate to the UK or USA is naive.
 
Out of protest I switched over to the cheapest bank I could find - wizzit.

Dropped Blapsa with their high banking charges - I don't need to pay lots of money every month.

By doing so we cut off some R200 to R400 of banking charges alone.

In all honesty I think Manto can instead put a cap (a serious one as well) on the following :

1. Banks with their high interest rates
2. The insane salaries some CEO's earn (especially eksdom) - these salaries need to be paid, and the consumer forks up for that.
3. Ditto for some municipality managers and executive mayors - a big cap on their salaries.
4. Residential taxes as well - don't see why I have to pay extra for my property when I cannot afford to do so.

Today's banking institution (like Absa) is a dinosaur who doesn't want to change, but instead prefer to stick to the old ways of making money the easy way.

Makes one :sick: in general.

So we're cutting out the middleman as much as possible at present.
 
stoke said:
So, what are you proposing? You want to form a community bank?
I've got some 20K I can throw at the project provided you give me your car as "Insurance".

i.e. What choice do we have?

You want us to march against "high Bank service fee's"?

I understand your RANT, but, another voice crying in the wilderness is not going really to make a difference.
Click to expand...

again if you try to do nothing about it nothing is what will happen :)

Every small bit you can do is atleast something.

The journey of 1000miles starts with 1 step.....

Soz just saw your post saying you will be holding the biggest sign in the toi toi stampede :D
 
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