ABSA cheque deposit fee

[Crusader]

When did ABSA start charging for depositing cheques? Received my credit card statement and noticed a R10 cheque deposit fee. In the past it was always free, seems ABSA is getting even greedier.

 

[blunomore]

Even worse: we recently transferred R50K from our Standard Bank into Mr Blu's cheque account and they charged us a fee of R360 for RECEIVING the deposit ! WTH?!

 

[MickeyD]

I had an ABSA credit card for my Internet purchases (kept a low limit to reduce the risk). The monthly fee was R13. Pay R13. New balance = R7,50 for said deposit.

 

[mystic007]

I recently noticed that ABSA charges R25.00 for an external debit order of R46.68. Yet my vehicle finance debit order of R1383 they only charge R3.15 for because it is internal. How do they justify that?

 

[blunomore]

I had an ABSA credit card for my Internet purchases (kept a low limit to reduce the risk). The monthly fee was R13. Pay R13. New balance = R7,50 for said deposit.

I recently noticed that ABSA charges R25.00 for an external debit order of R46.68. Yet my vehicle finance debit order of R1383 they only charge R3.15 for because it is internal. How do they justify that?

Mr Blu has an overdraft facility on his cheque account - which we are NOT currently utilising, yet they charge us an 'OD ledger fee'. Why???????????

They are sick with greed. There is no other company in SA I dislike with such a passion.

 

[Mantis]

When did ABSA start charging for depositing cheques? Received my credit card statement and noticed a R10 cheque deposit fee. In the past it was always free, seems ABSA is getting even greedier.

What CC do you have?

 

[Crusader]

Normal ABSA CC. Not sure if it has a specific product name.

 

[Freaksta]

I think a lot of places are starting to charge for cheque deposits, it costs time and money and is a stupid way to work now-a-days in my eyes. The fees are i guess a way of reducing cheque usage.

 

[MickeyD]

I think a lot of places are starting to charge for cheque deposits, it costs time and money and is a stupid way to work now-a-days in my eyes. The fees are i guess a way of reducing cheque usage.

If there was no need for it, why do the banks offer it?

There is definitely still a need for cheques. Not many people use internet banking (relatively speaking) and there are still many people with no bank accounts at all.

 

[Crusader]

It seems this is a new thing starting from April. What I don't get is why the recipient also needs to pay for the cheque handling. The issuing bank already charges R25+ per cheque to the person writing the cheque. So in a case where both account holders are with ABSA they smile all the way gouging both parties.

 

[Freaksta]

If there was no need for it, why do the banks offer it?

There is definitely still a need for cheques. Not many people use internet banking (relatively speaking) and there are still many people with no bank accounts at all.

Its an out dated way of payment that also has a lot of hassles with fraud and theft, yes i agree not many people have internet banking but i think this fee is there to discourage the use of cheques!