I suppose it depends on your relationship with the bank - I had the exact opposite experience with FNB in June - I wanted to move my bond there from ABSA - they knew full well I was getting prime -1.5% at ABSA, and said they could beat it, I asked them not to waste my time if they couldn't - after continually following up with them, and them not getting back to me, they eventually offered prime +1.5%. :wtf: I proceeded to close my last open account with them.
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Appropriate response to ABSA
- Thread starter blunomore
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I suppose it depends on your relationship with the bank - I had the exact opposite experience with FNB in June - I wanted to move my bond there from ABSA - they knew full well I was getting prime -1.5% at ABSA, and said they could beat it, I asked them not to waste my time if they couldn't - after continually following up with them, and them not getting back to me, they eventually offered prime +1.5%. :wtf: I proceeded to close my last open account with them.
F
Fudzy
Guest
Why are you needing the overdraft?
blunomore
Honorary Master
Unfortunately, even though I have already ranted about them for the last 2 or 3 years, I have now lost even more interest in them as a service provider.
blunomore
Honorary Master
We have had it for the past 5 years .... at some stage when the business ' cash flow was not as good as it is now, we used it, but we have not accessed it for the past 2 years or so.
I guess it's good to have for a back-up.
broken1
Expert Member
Before you do the move, just see what other banks can/will offer.
As an individual the biggest advantage is having a dedicated banker to speak to (and their service is really good), whereas with normal retail banking you kind of get lost in the noise of every-day-every-person banking. I found Investec's private banking infinitely better than the ABSA or Nedbank versions.
You get an individual banker with most platinum Absa/std bank/etc etc accounts as well? The requirements are a fair whack less
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I know, I found the Investec bankers more personal, better service, better reaction time, better quality of personnel etc.
My credit card was cloned a few years ago and I received SMS's of some b@stard going on a shopping spree whilst driving in a taxi on my way to Heathrow back to SA. Investec actually offered to keep the card open until I'm back, to ensure I have funds whilst traveling.
The transactions were written back no problem. Recently applied for a building loan, sure Credit had many questions, but the process was very smooth, communication was very good - my banker even phoned and replied to mails after-hours!
(granted, the ripped me a new one with valuation and progress draw fees, it's typical of Investec).
I suppose it's like any service - some people had good experiences, others bad.
BBSA
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I also left Investec because of bad service, maybe it depends on the banker which is allocated to you. I'm with RMB private bank now and the service is much better.
It usually is - I'm now on my fourth banker at ABSA - they kept changing them... all useless though- I told them if they change my banker one more time I'll move my accounts - now I'm with another banker that doesn't know their products, which drives me insane as I keep getting advised incorrectly.
as mentioned above your rate is based on your risk, your risk is determined by your credit bureau and application data (what you filled in on the application form)
I actually hate this system because it paints everyone with a similar brush and doesn't take into account an individual. the system uses info based on a population group to determine a risk group and thus on you.
the system works but unfortunately isn't very customer friendly IMHO. there's no personal interaction these days from the banks, everything has a process and scorecard
if you are a private bank customer then speak to your personal consultant, private bank customers usually get treated better with regards to negotiations ...
if you not a private bank customer then i suggest you try getting a qoute from another bank on rates,
loyalty to banks means nothing ! they look after there bottom line first and foremost ..not yours.
I actually hate this system because it paints everyone with a similar brush and doesn't take into account an individual. the system uses info based on a population group to determine a risk group and thus on you.
the system works but unfortunately isn't very customer friendly IMHO. there's no personal interaction these days from the banks, everything has a process and scorecard
if you are a private bank customer then speak to your personal consultant, private bank customers usually get treated better with regards to negotiations ...
if you not a private bank customer then i suggest you try getting a qoute from another bank on rates,
loyalty to banks means nothing ! they look after there bottom line first and foremost ..not yours.
blunomore
Honorary Master
Can you not report this bad service to the ombudsman or banking council ?
Not sure if anything worthwhile will happen by going that way, besides a slap on the wrist.
I insisted that the banker send me an email stating he accepts full financial responsibility for advising me incorrectly.
It really is shocking at a private bank level when your client knows more about your products than you.
You need to earn +R1,000,000 - and then your application will be considered.
There are other ways to qualify. A trainee accountant with a B.Com (Hons) in Accounting (Or similar) doing their articles to become a CA qualifies. I would say most of my friends I know doing articles with me have investec accounts. I guess Investec wants to hook em early...
Most private banks do that... unfortunately, my education is somewhat lacking.
May be off topic,but if i have vehicle finance with absa at prime plus 3 percent,and i also have investments with them,do u think i wil b able 2 get them to drop my vehicle finance rate? If so,then how do i go about doing this?
What is monthly premium for Standard Bank Platinum account?
R199 a month, its a fixed fee as long as u only use ur cheque card/credit card for purchases or only draw from STD bank...