Consumer activism spreads to banking sector !

G

Gooku

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Its time actions must be taken against the major banks

High costs and artificial inefficiency ,collusions in our banking sector are major hindrances to economic growth and global competitiveness of SA.

We are finalising the "charge sheet"

A consumer campagin will be launched
 
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is there some body that regulates the banking industry? we could send a complaint to them similar to what myADSL has done with telkom (ICASA).
 
Antitrust.co.za has considered protesting against our high banking charges. It would be rather difficult taking on two big projects at once.

The banks have run amuck because the Department of Trade and Industry stopped administrating the Usury Act nine years ago. Check out http://www.bankgate.co.za/ for more information.
 
It will be a hard sell getting airtime where radio presenters will have to say myCRAPbank.co.za.

...just me 2 cents
 
Rip-off expose No 1

Cash deposit fee

ABSA bank - 1,00% of Deposit Value

FNB bank - R2.30 + 0.95% of value

Nedbank - 1,10 % (R1,10 per R100 or part thereof)

Standard bank - R2,90 + 0,90% No maximum


South African consumer pay around 1 percent to receive cash deposit ,We are the only country I Know has this bank charge.



(Prices taken from respective banks's website on 11 Aug 2005,listed here in alphabetical order)
 
In a radio news bulletin I heard on UK radio the public was outraged that the idea was suggested by British banks. Seems that with Barclays taking over Absa, it hasn't made change - just extra money they get for the deal.
 
The cash deposit fee is one of my biggest problems with the banks. I more often than not get paid in cash. Having to deposit that cash into the bank is a problem because I refuse to pay that kind of money to deposit MY money into MY bank account. If you work out how much money you have to waste on banking charges over a year you will cry. I am now proactively doing things as to avoid bank charges as much as I can. It's rather inconvenient for me, but I'm totally determined.
 
If you have a woolworths account you can use your cash to pay your store card, visa card. Similarly for Edgars and Truworths, there you can pay cash as they are retail outlets that deal in cash so can hardly charge you.
 
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