Absa hikes bank charges

Phew, I can still remember that glorious day, 3 years ago, when I got out my "boots of @ss kicking +3", and completely deposited this steel tipped toe, in their back sides!!!!!!
 
I wonder when the other banks will follow.
 
Everything goes up it seems... Gonna be a tight next yr or so... especially with the next 2 interest rate hikes imminent :gasp:
 
Is there a rate comparison with all the banks charging structures somewhere?
And what happened with that commission or something that found our bank charges to be too high?
 
Dolby said:
Blocked too ;)
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Article; Interest-rate hike 'a near certainty' Johannesburg said:
surprising inflation figures are anything to go on, neither inflation nor inflation expectations will improve anytime soon," Nedbank said.

This made another hike in December look like "a near certainty".

'Out of control'
Mike Schussler, an economist at T-Sec said of the PPI figure: "Everything is saying that we have higher growth, a huge amount of inflation and that credit extension is still strong. We are in a higher inflationary environment and there is no doubt in my mind that we will see higher interest rates in the next few months.

"In a sense, we could say inflation is spiralling out of control."

Russel Lamberti, an economist at ETM said the figure was "a lot higher than we expected".

"The [PPI] data, together with CPI numbers yesterday [Wednesday], confirms a rate hike in December and if the trend continue like this the possibility of a rate hike early next year is becoming a factor that people are starting to consider."

Ridle Markus from Absa said the figure was above expectations and this is not good news that PPI is slightly higher.

"Given yesterday's inflation numbers, we were hoping for a nice positive surprise on PPI. But the fact that it increased 1,1% on a month-on-month basis, means cost pressures continue in the production side of the economy which continues to put pressure on the retail side, and this confirms our view that interest rates will be hiked in December." - Sapa, I-Net Bridge
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;)
 
Bank charges are way too high. Free banking will be very welcome in this country. Bring it on now!!!
 
As long as online banking becomes cheaper.

Processing power costs and telecoms costs are decreasing steadily. No justification to not drop those charges.
 
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Absa (ASA) announced on Wednesday that it has kept its average increase in bank charges for 2008 at 4.2%, which is well below the projected inflation rate of 7.3%.
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My crap-detector senses a con here. Are not some charges related to the quantum of the transaction ie: more $$$, more charge? So, as inflation causes people's transaction amounts to increase, OBSER's charges will increase, IN ADDITION TO the 4.2%.

Chinese maths in their "announcement" I suspect.
:eek:
 
rwenzori said:
My crap-detector senses a con here. Are not some charges related to the quantum of the transaction ie: more $$$, more charge? So, as inflation causes people's transaction amounts to increase, OBSER's charges will increase, IN ADDITION TO the 4.2%.

Chinese maths in their "announcement" I suspect.
:eek:
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Yup - they do.

The more money they process, the more money they make...

Making /me just :sick:
 
vespax said:
Bank charges are way too high. Free banking will be very welcome in this country. Bring it on now!!!
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LOL that's an understatement :D

ABSA stinks. Dropped them long ago :cool:
 
/me kicks ABSA in the goolies.

They suck big time - switching to FNB next year.
 
Anyone here on the forums have a background in the banking / financial sector?

I would like to know what net profits the major banks in SA made this past financial year.

Really curious as to an idea on what their shareholders are taking home ....
 
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