Absa

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The_Unbeliever

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I can remember my mother opening a savings account for us when we were small - when it was still called Volkskas.

Think I was aged 10 at that time, but can't remember for sure.

I was with them when the first OTM's appeared.

And got my first credit card with them.

Then they morphed into what they are today - Blapsa.

Because of their greed (high banking costs which are totally unjustified) I have decided to close my credit card account as we cannot manage it properly, and keep it deep in the red - whilst Blapsa just keep on adding overdraft upon overdraft seeing that we keep our repayments on said credit card up to date.

When I went to close it, the consultant told us that we cannot close it as it still is active - that is when I stripped my moer, arranged a loan with DirectAxis - it worked out cheaper to obtain a loan from DirectAxis than paying the CC off - plus we won't get the temptation to use the credit card anymore - and promptly closed the CC account.

A few weeks later, a new credit card and petrol card was sent to my postal office - which I just ignored. I instructed Blapsa to close the account, and they did not honor my request.

I still had my savings account open, and when we learnt of Wizzit (a cheaper bank) my decision was made to switch banks. It was a difficult process as you'll have to notify sundry and all of the switchover on banking accounts, but it was done.

So now I haven't got any greedy bankers clutching and groping for my wallet - but sometimes - especially at the end of the month - I miss the convenience of a credit card.

At least we're coping without a credit card and the debt that comes with it.

So Absa lost a faithful customer which was with them for more or less 26 years...

I sometimes wonder how many clients have left Absa because of their high banking fees - and how many still are locked into Absa... unable to leave because of crippling debt.
 
Nog niks van Blapsa af gehoor nie, niks niks niks.

Verkies 'n dawerende stilte eerder as om oorval te word met ditte en datte...
 
Hey Librarian, you did the best thing that you coud ever do! Alot of ppl think that they won't be able to do without the convenience of a CC. But how did they survive before they got it initially is what must be remembered.
BTW all four major banks are robbing ppl. They are all evil.
 
Banks and insurance companies are all evil money-sucking institutions that exist solely to ripp-off Mr and Mrs Joe Public.... I hate getting my monthly statement from absa and seeing how much I pay for the "privilege" (must be as I pay so much) of banking with them :(
 
If it was not for the fact that i have tudent account with absa i would have started looking at other options a long time ago.

i only pay R24 a month for all banking fees, as soon as i stop studying i will however start looking around.
 
Left them for FNB three years ago, one of the best decisions I made. Anyone who charges for online banking (when their competitors are not) is clearly ripping you off. That alone should make you suspicious of their other charges.
 
Absa has an investment account that gives you a 11% on R20K plus. Does anyone know of the equivalent at FNB?
 
To the OT: I recently did exactly the same thing. I too have been with ABSA since I was a kid and stuck with them when I started earning my own money. Now, after almost 20years I have closed my accounts with them and switched over to FNB. ABSA can f off as far as I'm concerned. They are expensive, give crap service and don't give a **** whether or not they are robbing you blind. For the last year or so my monthly bank charges have been between R300 & R600. Some months they even charged me for an overdraft that I dont even have! When asked for a breakdown all they could say was:

admin fee
service fee (how does this differ from an admin fee?)
internet banking fee (almost R60 a month!)
overdraft (I dont have an overdraft :/)
a fourth one that I cant recall

When asked what all these charges were for (excluding internet banking fee - but even that was astronomical) all I get was a 'ehhh...its for service' Gee thanks for clarifying that for me :|

Aufwiedersehen ABSA!!
 
superB said:
For the last year or so my monthly bank charges have been between R300 & R600.
Aufwiedersehen ABSA!!
Click to expand...

Let's say there's a million clients with Absa - that brings them an extra R600 million... :sick:

Surely they can be more efficient by cutting out sponsorships and other unnecessary stuff? Kick Telkom out and get a cheaper service provider? And do general trimming of overheads and other stuff?

I do hope this recession will force a lot of people to take a good, hard look at their monthly banking expenses - and switch over to a cheaper bank.
 
Dang, Ook. That was a brilliant step, getting rid of the C/C. Well done! I want to do the same ASAP.
 
The next thing I want to do, is to cut my credit card into thousands of pieces!
 
Yup, kicked blapsa to touch 9 months ago.
Total savings now sitting @ 9 * 50 = R450.
Taaaang u berry much.
How the freck can they charge R45 for flippin internet banking ... INSANE!
 
The_Librarian said:
Let's say there's a million clients with Absa - that brings them an extra R600 million... :sick:

Surely they can be more efficient by cutting out sponsorships and other unnecessary stuff? Kick Telkom out and get a cheaper service provider? And do general trimming of overheads and other stuff?

I do hope this recession will force a lot of people to take a good, hard look at their monthly banking expenses - and switch over to a cheaper bank.
Click to expand...

Thanks for this post.. Have just moved my cheque account to FNB.. Still waiting to hear from them if they have the equivalent of the ABSA Investment advantage account so that I can move that as well..

Thank goodness I don't have debt.. If they annoy me this way without me owing them anything, I would hate to be liable to them!
 
I paid this month over R160 for 3 debit orders, 3 internet transfers, and 3 atm withdrawls

Breakdown: Internet Bank Fee: 47.85
Min Service fee: 30.00
Transaction Charges: 67.45
Admin Charge: 5
Ledger fee : 15

FNB has a cheque account package with your internet banking for R66.00
 
Yep, I'm with ABSA and I paid over R280 for one months worth of transactions. That was mostly online transfers with about 4 or 5 ATM withdrawals.

Also got charged an additional R540 on my vehicle finance account and I'm not even sure what that charge is for, my statement just say "sundry items"?! I'm going to call them and they better have a good reason for it otherwise there will be hell!
 
dam said:
Yep, I'm with ABSA and I paid over R280 for one months worth of transactions. That was mostly online transfers with about 4 or 5 ATM withdrawals.

Also got charged an additional R540 on my vehicle finance account and I'm not even sure what that charge is for, my statement just say "sundry items"?! I'm going to call them and they better have a good reason for it otherwise there will be hell!
Click to expand...

Any news?
 
The_Librarian said:
Any news?
Click to expand...

Thanks for reminding me. Just got off the phone and apparently the R540 is added to my total amount owing due to interest rate increases, they never actually debited my account with that amount although that's how it looked on the statement. So they are off the hook on that issue but I still think their charges are insanely excessive.
 
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