Absa quietly changes default payment method from regular EFT to PayShap

[Tim_vb]

Difficult to say, it comes through as a single fee not tied to any specific payment.

that would be super nasty - overnight EFTs are usually free on all but the cheapest banking packages. I'm assuming you are not a pay as you go type account

 

[RedViking]

Flippen annoying. Absa's app is also worse than Temu on adverts.

 

[YM_80]

is it an instant payment though?

Nope. It's a R2 charge for every EFT to a non-FNB account (even without instant payment / pay & clear).

 

[Johand]

Nope. It's a R2 charge for every EFT to a non-FNB account (even without instant payment / pay & clear).

I just checked. And so it is... the ensh1tification of FNB continues. They are becoming Steve.

 

[Mariner]

And when SA is cashless, as many here want, the banks and middlemen like PayShap will be free to charge what they want, and you will have to suck it up.

Convenience isn't always the best option.

 

[airborne]

that would be super nasty - overnight EFTs are usually free on all but the cheapest banking packages. I'm assuming you are not a pay as you go type account

Used to be, since their July fee update even on the expensive FNB banking tiers the first few thousand worth of efts is free, thereafter R2 per eft.
Imagine how they must be milking it relative to when all eft's were free on bundled FNB accounts.

 

[Tim_vb]

And when SA is cashless, as many here want, the banks and middlemen like PayShap will be free to charge what they want, and you will have to suck it up.

Convenience isn't always the best option.

You would prefer SA not have having access to EFTs that clear and settle faster, this in spite of the fact that most other developed (including the MAGA peoples's republic of Trumpland) and BRICS countries all have these payment facilities

 

[Swa]

IMHO it should be up to the bank to determine the best way to route a payment. They must figure out which way will be the cheapest/fastest and just do it. Why ask the consumer to choose.

It's like a courier company asking me if I want my parcel to go on a Nissan or Toyota bakkie, and if I want the driver to stop for a pie or a sandwich. I don't fkn care, just send the parcel.

It it was one fee yes.

 

[Tim_vb]

IMHO it should be up to the bank to determine the best way to route a payment. They must figure out which way will be the cheapest/fastest and just do it. Why ask the consumer to choose.

It's like a courier company asking me if I want my parcel to go on a Nissan or Toyota bakkie, and if I want the driver to stop for a pie or a sandwich. I don't fkn care, just send the parcel.

because one route is cheap and slow to clear and the other is expensive and fast to clear. How would you suggest your bank know which route you would prefer to use

 

[sensus communis]

You would prefer SA not have having access to EFTs that clear and settle faster, this in spite of the fact that most other developed (including the MAGA peoples's republic of Trumpland) and BRICS countries all have these payment facilities

We need balance , cash options should never go away

 

[Swa]

because one route is cheap and slow to clear and the other is expensive and fast to clear. How would you suggest your bank know which route you would prefer to use

Funny how wildly the fees for these "expensive" routes differ between banks. Some of them are even cheaper than some other banks' cheap routes. Simply, nothing is expensive, but banks try to keep these services expensive to extort more money out of people that really need them. Every route should be instant and cheap in today's age.

 

[Swa]

We need balance , cash options should never go away

It won't. At some point it was salt and pepper. Then it was gold bars and pieces. Modern it's a fiat token. Soon it will be crypto. What's next I don't know but there will always be a way to transfer value without the banking system.

 

[Mariner]

You would prefer SA not have having access to EFTs that clear and settle faster, this in spite of the fact that most other developed (including the MAGA peoples's republic of Trumpland) and BRICS countries all have these payment facilities

That's not what I said. Take your PayShap hat off and read my post again.

Your Trump Derangement Syndrome has become evident. Are you a BEE beneficiary set to profit from bank charges at the expense of the poor?

 

[Mariner]

Funny how wildly the fees for these "expensive" routes differ between banks. Some of them are even cheaper than some other banks' cheap routes. Simply, nothing is expensive, but banks try to keep these services expensive to extort more money out of people that really need them. Every route should be instant and cheap in today's age.

Correct. They are, after all, just electronic data running through the same server. There is no reason why transactions between different banks should be delayed or attract fees.

The fees were done away with during Covid.

 

[Quicks]

And when SA is cashless, as many here want, the banks and middlemen like PayShap will be free to charge what they want, and you will have to suck it up.

Convenience isn't always the best option.

That's why the SARB is also pushing this, to control where you spend your money and how you pay taxes and what not.

Then end of the day they know your life better than you know yourself.

 

[Mariner]

That's why the SARB is also pushing this, to control where you spend your money and how you pay taxes and what not.

Then end of the day they know your life better than you know yourself.

Once that level of control is achieved, they can limit how much beer or cheese you can buy per month. Want a burger? You've had enough junk food for the month. Declined.

Need a new car? Declined, you made a joke about Senzo Mchunu. Ask Cape Town actor and comedian Anton Taylor whether he believes this is possible if you think I'm being OTT. After all, SA is run by Marxist Socialists who love centralised control.

All working towards a social credit score. Convenience should never come at the price of freedom.

 

[Tim_vb]

Correct. They are, after all, just electronic data running through the same server. There is no reason why transactions between different banks should be delayed or attract fees.

The fees were done away with during Covid.

even better than those numbers are "just" a social construct ...t hey dont even exist in any real sense ...*mind blown*

 

[Mariner]

even better than those numbers are "just" a social construct ...t hey dont even exist in any real sense ...*mind blown*

They do exist as switching electrical potentials running at very high speeds through the systems regulated by clock circuits. This is abstract to the layman.

They are not a social construct, but they are an abstract mathematical construct.

 

[Tim_vb]

They do exist as switching electrical potentials running at very high speeds through the systems regulated by clock circuits. This is abstract to the layman.

They are not a social construct, but they are an abstract mathematical construct.

"they" is only money because we collectively believe it is so

 

[Mariner]

"they" is only money because we collectively believe it is so

Correct. It's a perceived value.

But we were discussing the abstract digital electronic transfer of digits representing that value, which is a physical and mathematical science, not a social construct.