How to avoid excessive bank charges

[NetDude]

How to avoid excessive bank charges (http://www.fin24.com/Money/Money-Clinic/How-to-avoid-excessive-bank-charges-20110215)


Readers and those who use banking services (including myself) then go stomping and raging for a few weeks about the injustice of it all but don’t, in the end, do anything practical about it...

To draw cash from my bank’s own ATM (that’s FNB), now costs R11/transaction. I’m sure it was less in the past...


But the second charge – which is actually more of a pain – is the R13.25 it now costs me every month for my R70 stop order to Netstar for some or other gadget they fitted to my car which insurer OUTsurance insisted on.

[Wall]

WOW, thanks very informative read. Going to nedbank website to see their charges.

[NetDude]

WOW, thanks very informative read. Going to nedbank website to see their charges.

Pleasure! Three years ago my charges were about R350pm. With the assistance of my bank's relationships manager the charges are now R180 - 190pm. There is probably better out there... but I'm comfortable with this, for now.

[cbrunsdonza]

Just got my Standard Bank Cheque Account yesterday due to the excessive fees on my normal savings account. Fees went from < R60 per month 2yrs back to R170 pm and I now have fewer debit orders.

I'm now paying R99pm and it includes enough free transactions to cover my needs.

Shop arround is all I can say. Don't just look at what the push online as they have more products instore, callcenter is waiting for your call and if you phone in the next hour we will throw in free funeral cover /Verimark Voice Off

[ufis]

To draw cash from my bank’s own ATM (that’s FNB), now costs R11/transaction. I’m sure it was less in the past...

But the second charge – which is actually more of a pain – is the R13.25 it now costs me every month for my R70 stop order ...
:wtf:

I pay a fixed amount of R70 a month for my FNB account. No additional bank charges.

[SinghDude]

I read the article a few days ago, this guy writing an article for a business paper is clearly is an embarrasment. There are a few good tips, but really the article should have been more indepth and dealt with charges across all the banks in S.A.

Specifically, more information should be given on which banks are the cheapest and the cost savings on the various packages offered by banks and also the savings that could be made should more transactions be done online, rather than always having to draw R600 from an ATM.

[zahpat]

He basically shows us how we are getting ripped off by the banks, their tactics and their dealings.

[AstroTurf]

Move to Capitec

[ghoti]

Move to Capitec.

[AstroTurf]

Specifically, more information should be given on which banks are the cheapest and the cost savings on the various packages offered by banks and also the savings that could be made should more transactions be done online, rather than always having to draw R600 from an ATM.

http://www.bankmonitor.co.za/

[SinghDude]

http://www.bankmonitor.co.za/

comment was directed at article, lacking in more information.

[supersunbird]

I don't think I've ever paid more than R50 or even close to that a month with Capitec and that with a few ATM withdrawals, around 8 debit orders and obviously lots of free swipes.

[Jakes147]

I don't think I've ever paid more than R50 or even close to that a month with Capitec and that with a few ATM withdrawals, around 8 debit orders and obviously lots of free swipes.

I went with capitec for a year with no real complaints but needed cellphone banking and other services that they don't provide so went back to FNB.

[cbrunsdonza]

I went with capitec for a year with no real complaints but needed cellphone banking and other services that they don't provide so went back to FNB.

Only reason why my main accounts are still with Standard Bank. I've got a Capitec account now but we just use it for short term savings.

[alf101]

If you can live with a Savings account and Credit card, then Capitec and Virgin money are probably the best options.

The interest I earn on those 2 accounts covers my bank charges, I make about a R40 profit a month.

ABSA platinum + ABSA savings account cost me over R200 a month and paid zero interest.

I can live without the services Capitec don't provide yet.
I pay some bills at Pick andpay, that costs zero.
Draw money mostly at PnP, that costs R1.00, an ATM (any ATM) costs R7.

[DanielHirst]

Hi

Wow, your article is such an eye opener. I have always felt like its not worth putting money in the bank because it just gets diminished by bank charges.