SA bank fees twice the global norm

My online banking is capped at r85 per month regardless of how much I do.
 
The other day I got charged for trying to draw more than I had :o and they fined me R137-00 for the failed transaction ... read later on in press they are trying to teach me manners ... had a laugh, it's not because of bad manners that I'm broke but rather their bank charges.
 
R 137.00 for a failed transaction? :eek:

We all know SA bank charges are high. The question is wtf are they going to do about it! :mad:
 
ShaunSA said:
R 137.00 for a failed transaction? :eek:

We all know SA bank charges are high. The question is wtf are they going to do about it! :mad:
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That charge is meant as a deterrent for people having debits bounce.:D
 
ShaunSA said:
R 137.00 for a failed transaction? :eek:

We all know SA bank charges are high. The question is wtf are they going to do about it! :mad:
Click to expand...

Nothing. Just like car prices, communications prices, etc ...
 
icyrus said:
Nothing. Just like car prices, communications prices, etc ...
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Exactly! A year down the line we will still have the same old issues :mad: Only maybe another two reports more on how bank charges are high in sa. or telecoms. or car prices. etc...
 
S.A.Banks are only geared towards people who bank or wish to save large amounts, depositing anything less than R1000 on a monthly basis is not encouraged due to bank charges, and heaven forbid you leave the account alone for a few months, 9/10 times you have to eactivate it which they charge you for, and after a few months fees, you are left with less saved than originally, thieves.
IMHO, there are 3 kinds of thieves in the world:
1) The common thief, who will steal from you clear and simple, generally the easiest to protect oneself from.
2) Con Artists, Insurance Companies, Health Scemes, and all the other scemes, a little harder to protect from, because they tend to baffle one with bullsh!t, and have reams of forms that most people never really read, and they count on that.
3) The worst kind:, The financial institutions, Lawyers, and Governments, because they hide behind the law to steal from you and to rob you of what you have worked long and hard for, and they will go to any lengths to steal from you.
 
Jozi101 said:
http://www.fin24.co.za/articles/default/display_article.aspx?Nav=ns&ArticleID=1518-1786_2133158

I regularly get cherged in the region of R350-00 on my cheque acc, which is ridiculous because i do most of my banking online. We're getting robbed here.
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Well, you are probably banking with ABSA :D. Anyway I suggest you change to one of those packages like BWANA where you pay a monthly fee and then get x amount of transactions. Of course if you are mostly using internet banking, you should change to an ESO pricing where you receive your statements online and you pay less monthly fees. I think we should all bank with the post office :p

PS: on internet banking. While I understand that banks need to pay for their internet banking service, why the hell should we pay normal bank charges when our money is not even handled. What is more disgusting is when they charge you R12 for a single debit order :eek: IMO if people only use internet banking, they should only pay a monthly fee for using the system and none of the other bank charges as the system automatically does all the work. Of course if this happens, we will probably find that we will be charged over R200 per month for using internet banking.
 
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With FNB, I pay a fixed amount of R75 for my one account. I use there electronic pricing option, meaning everything I do electronically (via ATM, debit orders...), are all contained in the R75, no matter how many times I use an ATM or the number of debit orders I have.

So far its been fine, on problem, although I feel they could bring it down much more, becuase,the more electronically you go with your money, the more money you save the bank in security and things like that
 
I use FNB and they are a joke. I don't get fined if I deposit less than R500 at a time in cash. So at the end of the month I make about 8 R499 cash deposits to cover my monthly debits, etc. They hate me!

Everything else comes from my USA bank account which charges me nothing despite using ATMs, debit card and credit card all around South Africa. And they are still very profitable. Imagine that!
 
Just an idea of how much using a competing banks' atm costs you...

Last Saturday the saswitch "profit" for one of the major banks exceeded R500,000 for the days' trading.
 
McSack said:
Just an idea of how much using a competing banks' atm costs you...

Last Saturday the saswitch "profit" for one of the major banks exceeded R500,000 for the days' trading.
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Yip, awhile back when they had all these commitees investigating bank costs, all the banks wanted to do away with saswich fees, except standard bank, standard bank fought them all the way, screaming that thats where they make their money
 
From: Simpler (less costs), better (happier customers), faster (more tellers over lunch hour)

To: Inspired (creative ways to charge you), motivated (implementation of those charges), involved (actively ensuring those deductions are coming off of your account)
 
When a bank can charge you simply for telling you on an ATM computer screen that "you have entered an amount that exceeds the withdrawal limit", then you know you are getting ripped off!
 
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