ABSA Internet Banking + ABSA home loan

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pboy

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So I have bond with ABSA, and they told me years ago that the only way I can view and move extra money in and out of the bond is by opening another ABSA savings account, and then linking the bond account to that profile. Then access the savings account with Internet Banking.

Its been working well for me for the past few years actually, until I just now noticed that I pay almost R45 a month in admin fees and internet banking fees.

I find that excessive, as I do not transact monthly from either account. maybe once a year I move money out of the bond ( some surplus stash I've been pumping into the bond..) sometimes as rarely as once in 2 years!
Monthly I put in extra but thats just a direct eft from my Standard Bank transactional account.

to service the savings account, I need to make sure I have atleast a R45 balance monthly else teh setup just fails, internet banking gets suspended and its a mess to get it back.

bond probably about 5 years old. so I've been paying almost R45x60 = R2700 in fees alone! and thats not even to the bond, its to this silly savings account setup!

anyone have any other options I could try? how are you guys doing this? i'm sure there are a few..
 
All banks operate like this, and it pisses on my battery.

I want to be able to put money in and pull it out of my bond as needed, but I have to have an account with Nedbank for that to be possible...
 
Speak to the bank. They can transfer the money into a suspense account that has the ability to pay outwards. Don't see why they can't do it.

That is what I'm going to do next month. If they don't want to do it, I'm going to do the big tantrum
 
GoB said:
I have been paying into my ABSA loan via a suspense account. But I have never tried to withdraw.
Click to expand...

The vehicle finance use to work that way. Homeloans allow direct transfer for a while.
 
i think they just dont want us to use a bond account as a transactional account... i get the logic-- but maybe not? why not let us do that?
alot of us are putting our spare cash into our bonds. makes you think again if those funds are not as liquid as we may need it to be.

dont know why they dont just go and make the bond account accessible via ib. would be so much less stress i tell u!
 
pboy said:
i think they just dont want us to use a bond account as a transactional account... i get the logic-- but maybe not? why not let us do that?
alot of us are putting our spare cash into our bonds. makes you think again if those funds are not as liquid as we may need it to be.

dont know why they dont just go and make the bond account accessible via ib. would be so much less stress i tell u!
Click to expand...

As far as I'm concerned its mostly just a ploy to try and keep people single banked... so if you have your homeloan with x bank, you will want to have your transactional account with the same bank because then your surplus cash in the bond is liquid.
 
ToxicBunny said:
As far as I'm concerned its mostly just a ploy to try and keep people single banked... so if you have your homeloan with x bank, you will want to have your transactional account with the same bank because then your surplus cash in the bond is liquid.
Click to expand...

+1
Never had to pay any extra, even when using the bond savings to buy a new car. (Absa)
 
BigAl-sa said:
+1
Never had to pay any extra, even when using the bond savings to buy a new car. (Absa)
Click to expand...

My issue is that for example : Nedbank gave me the best homeloan offer... but then their transactional banking offerings were not as good as FNB.. so I moved banks for my transactional banking from Nedbank to FNB.

for most things, it makes no real difference to my life, barring not being able to put money in or pull money out of my bond as I see fit.
 
ToxicBunny said:
My issue is that for example : Nedbank gave me the best homeloan offer... but then their transactional banking offerings were not as good as FNB.. so I moved banks for my transactional banking from Nedbank to FNB.

for most things, it makes no real difference to my life, barring not being able to put money in or pull money out of my bond as I see fit.
Click to expand...

Not being in finance, but my feeling is (as you said) they want your transactional account - prolly for turnover and will penalise you if it's not??
 
I got ABSA home loan and i got Virgin Money CC. I just tell the bank to put the money in the CC. Virgin Money CC does not have any fees. This is how I'm doing it if i need to draw money from my loan account.
 
Not sure i understand how any of this works?
The idea of putting extra money in your bond account is twofold:
1. Reduce the capital amount / term to save interest
2. Have access to the surplus

Most of the suggestions above seem to imply having a separate non-bond account for the extra payments?
If so how does this satisfy 1?

I do have other accounts with ABSA.
I can use internet banking to transfer money into the bond.
The problem is my internet banking does not give any option to transfer from the bond.
Transfers from the bond can only be done via telephone banking .
 
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