Bank Charges - ABSA

hawker

hawker

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So here is the story:

I'm an Engineering student and I just worked out that I pay something stupid like R67 a month for bank charges. I have 2 accounts with ABSA - a savings account (which doesn't earn interest) and a money builder account (which does.)

Now would it be better for me to draw all my money out at the start of the month?(after my debit orders have gone through of course) I.e. only having to pay for the transaction once instead of multiple times everytime I swipe my debit card or need to draw cash. I'd really like to save money wherever I can.


Thoughts?
 
You could...but then you run the risk of someone stealing your cash.

R67 isn't bad per month, but look into FNB's Life Start Account.

http://www.fnbweb.co.za/cbs/pricingguide/Personal/LifeStart_e.asp

For a fixed monthly fee of R19.95 on your Life Start Student Account you will receive unlimited electronic transactions, which includes:

Debit Card purchases (Local and International),
Prepaid purchases through FNB's electronic channels,
Electronic linked account transfers,
Electronic third party payments,
Debit orders,
Scheduled payments and transfers,
Cash withdrawals at an FNB ATM, FNB Mini ATM or Point-of-Sale and;
Electronic balance enquiries.
 
I'm also a student.... paying about R13.50 per month for my ABSA silver chequeue account + student credit card. I never withdraw cash and swipe for everything, it is free.
 
Thanks guys I'll definitely look into those options you have suggested.
 
ld13 said:
I'm also a student.... paying about R13.50 per month for my ABSA silver chequeue account + student credit card. I never withdraw cash and swipe for everything, it is free.
Click to expand...

student credit card? How can they offer a credit card to students??? thats pretty messed up
 
tau1z said:
student credit card? How can they offer a credit card to students??? thats pretty messed up
Click to expand...

I don't know either, since a large percentage of students aren't formally employed with a regular salary.
 
tau1z said:
student credit card? How can they offer a credit card to students??? thats pretty messed up
Click to expand...

Student credit card yes, R200 credit facility - only time I actually used the credit (R30 thereof) was the day I got it, just to test it. At the moment I get more interest on my credit card (0.25% yay) than my silver cheque that gives no interest so I use the free internet banking facility to transfer any incoming money from the silver to the credit card. So now I use my credit card as a debit card everywhere to swipe.

R200 is nothing really. Nedbank is more daring, I walked out of there the other day with a R500-limit student credit card. No monthly fees, nothing. Just a 2-3% deposit fee when you deposit cash into it.
 
Going to look into the FNB option.

What do I need to open an account? Just an ID book?
 
hawker said:
Going to look into the FNB option.

What do I need to open an account? Just an ID book?
Click to expand...

ID and proof of residence for FICA.

Go capitec, much cheaper than everyone else.

Free debit card swipes, 7% interest on your balance and a whole R4.5 admin fee per month.
 
ld13 said:
Student credit card yes, R200 credit facility - only time I actually used the credit (R30 thereof) was the day I got it, just to test it. At the moment I get more interest on my credit card (0.25% yay) than my silver cheque that gives no interest so I use the free internet banking facility to transfer any incoming money from the silver to the credit card. So now I use my credit card as a debit card everywhere to swipe.

R200 is nothing really. Nedbank is more daring, I walked out of there the other day with a R500-limit student credit card. No monthly fees, nothing. Just a 2-3% deposit fee when you deposit cash into it.
Click to expand...

Ah ok, the R200 limit is ridonculously small. There is not actually that much you can get for R200 though.
 
bullfrog said:
ID and proof of residence for FICA.

Go capitec, much cheaper than everyone else.

Free debit card swipes, 7% interest on your balance and a whole R4.5 admin fee per month.
Click to expand...

I want to go with Capitec but there are no ATMs on campus :| ... only the "Big Four".
 
Chris said:
I want to go with Capitec but there are no ATMs on campus :| ... only the "Big Four".
Click to expand...

Yea, hence my choice to go FNB, its more "conventional." I don't want to have to change banks again when I graduate.
 
The Sunday Times reports that FNB is offering two months' free banking for customers who switch to them in what is perceived to be a calculated to lure all the Solidarity members over in light of the recent banking fees report.

I haven't seen anything on the website but I haven't been looking too hard either.
 
So I just went through one of my statements for ABSA which I never do, and guess what! They charged me R692.55 in fees, and I'm on a student account. Guys! Stay away from ABSA, if only someone could have warned me about their ridiculous charges.
 
zizo911 said:
So I just went through one of my statements for ABSA which I never do, and guess what! They charged me R692.55 in fees, and I'm on a student account. Guys! Stay away from ABSA, if only someone could have warned me about their ridiculous charges.
Click to expand...

no.1 you are a student and you didnt notice R700 going missing?
no.2 what are the charges for? Sounds like saswitch fee's or you screwed up on loans/debit orders
 
zizo911 said:
So I just went through one of my statements for ABSA which I never do, and guess what! They charged me R692.55 in fees, and I'm on a student account. Guys! Stay away from ABSA, if only someone could have warned me about their ridiculous charges.
Click to expand...

I'm sure in you google this >site:mybroadband.co.za ABSA charges<, you will see in a lot of these threads people have been warning about it and just plain bad ABSA service.
 
So I just got an email from Absa telling me my Gold credit card fee is increasing from R28.70 to R40, which lead my to look at their 2016 fees, I have a normal transaction account and for 2015 if I keep R15000 in the account I have not been paying any bank charges for transactions, however I see they have taken this away? Or have I missed it?
 
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