ABSA banking fees question

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Kloofvreter

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I have noticed that ABSA loves to deduct their monthly banking fees from my cheque account on the 23rd of the month. Now I have happened to find myself in the unfortunate position of having only the fuel in my car and the food in my freezer and no money in the bank 2 days before payday. I suspect this happens regularly to more people than would care to admit it: o

BUT, the question is: come the 23rd, they take the banking fees, and the account goes into a negative balance, and they take another R57 for using the overdraft facility (which I never do). I don't have an overdraft facility, if my account has a zero balance, I cannot make a purchase or withdraw money. Am I being charged because I went into a negative balance, or am I being charged for an overdraft facility I don't have, because it has happened a few times before?

EDIT: I will eventually go to the bank when I get time, I'm just hoping someone here perhaps have some experience in this.
 
Slootvreter said:
I have noticed that ABSA loves to deduct their monthly banking fees from my cheque account on the 23rd of the month. Now I have happened to find myself in the unfortunate position of having only the fuel in my car and the food in my freezer and no money in the bank 2 days before payday. I suspect this happens regularly to more people than would care to admit it: o

BUT, the question is: come the 23rd, they take the banking fees, and the account goes into a negative balance, and they take another R57 for using the overdraft facility (which I never do). I don't have an overdraft facility, if my account has a zero balance, I cannot make a purchase or withdraw money. Am I being charged because I went into a negative balance, or am I being charged for an overdraft facility I don't have, because it has happened a few times before?

EDIT: I will eventually go to the bank when I get time, I'm just hoping someone here perhaps have some experience in this.
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Charged for going into the negative.

Overdraft facilities don't charge you a penalty fee. You are charged a monthly fee to have one open, and then you are charged interest on the amount that you owe if you go over.

I would discuss with them to take that amount off on a different date, preferably the 2nd or something. Chat to them sooner rather than later about this. That extra R57 per month adds up to nearly R700 in a year, basically wasted money. Seeing as you are sometimes completely skint at the end of a month, this action is well worth focusing on. How else can you earn R700 a year for an hour's effort.
 
SoulTax said:
Charged for going into the negative.

Overdraft facilities don't charge you a penalty fee. You are charged a monthly fee to have one open, and then you are charged interest on the amount that you owe if you go over.

I would discuss with them to take that amount off on a different date, preferably the 2nd or something. Chat to them sooner rather than later about this. That extra R57 per month adds up to nearly R700 in a year, basically wasted money. Seeing as you are sometimes completely skint at the end of a month, this action is well worth focusing on. How else can you earn R700 a year for an hour's effort.
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So this is actually a bit of deviousness on their side, counting on people who don't have that money in their accounts to go into negative and then charging them for it?
 
Last edited:
Change the date as mentioned or change your bank to another one who charges less for bank charges/withdrawals like Capitec bank
 
I have emailed them now about changing the date. It doesn't happen often, but the fact that it does, and it does this by default, annoys me.
 
Slootvreter said:
So this is actually a bit of deviousness on their side, counting on people who don't have that money in their accounts do go into negative and then charging them for it?
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Banking is a devious business. So yes, a little cheeky, but you will find that within the cheque account contract there is provision for them "allowing" you to go into the negative, to "prevent" your from defaulting on debit orders and having your credit rating negatively influenced.
Then they schedule their bank charges on the most unfortunate day. Nearly nobody will be paid before the 24th of a month Most people are paid on the 25th or the 28th, or the last day. So yes, very cheeky scheduling on their part.

Also you might get a run around from them about their charges being a standard day across the board, so they can't change it, blah blah blah. Just throw a tantrum until a branch manager comes over and fixes it for you. Unfortunately in the SA culture we often have to get unruly before we get noticed. I blame cosatu.
 
SoulTax said:
Banking is a devious business. So yes, a little cheeky, but you will find that within the cheque account contract there is provision for them "allowing" you to go into the negative, to "prevent" your from defaulting on debit orders and having your credit rating negatively influenced.
Then they schedule their bank charges on the most unfortunate day. Nearly nobody will be paid before the 24th of a month Most people are paid on the 25th or the 28th, or the last day. So yes, very cheeky scheduling on their part.

Also you might get a run around from them about their charges being a standard day across the board, so they can't change it, blah blah blah. Just throw a tantrum until a branch manager comes over and fixes it for you. Unfortunately in the SA culture we often have to get unruly before we get noticed. I blame cosatu.
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Yeah I'm pretty sure this is not a system fault or something on their part, but rather carefully planned :(
 
You're being taxed for banking with Absa...
 
Move to FNB, if that happens and it's less than a specific amount (I forget the amount) they don't charge you anything, not even interest. Especially right before payday
 
Sinbad said:
You're being taxed for banking with Absa...
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LOL :D Many might agree, though :o

AcidRaZor said:
Move to FNB, if that happens and it's less than a specific amount (I forget the amount) they don't charge you anything, not even interest. Especially right before payday
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Nope, I'd rather sort this issue out than go through the schlep of moving to another bank.
 
No it is not the day the account was opened, its is the billing Cycle that needs too be changed you can contact pricing line and discuss it with them on 0860 109 136 or Contact 0860 100 372 That is transaction lending they will direct you too the correct department too h;ave this resolved.
 
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