Bank Charges

supersunbird said:
My credit card shows on my credit bureau report. So I think it counts...
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I seem to remember that when I applied for my cheque account, they said that it's better for building up a credit history (yes, for home loans and car finance and all that) because on a credit card, they only store the last 6 months history - so if Person A has used a CC with prompt payment for 6 months, and Person B has done the same for 6 years, they have the same credit rating.

Of course, with the NCA and other stuff it may be that this only helps if you keep an overdraft facility on your cheque account, which I don't since Std Bank started charging for it even if you don't use it.
 
What happened to the supposed ruling agains the banks regarding unfair bank charges. I got nailed several times with the missed debit order fee and it makes life harder than it already is when you can't pay your bills. Was this all talk again.
 
Maelly said:
I had the FNB DigiTag, hated it! I dont wana carry sum sily stuf!!!
Why cant they use OTP like other banks????
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FNB does use a OTP in fact I could be mistaken but I think they were one of the first banks to do so. The DigiTag is stupid. I have seen one once and the person told me not to press it too many times cos it goes out of sync or something stupid.
 
AirWolf said:
I think it really depends on the transactions you make regularly and then choosing the financial products that cater for those transactions in the cheapest way.



I have some of my debit orders on my credit card which are free transactions - some companies don't allow their debit orders to go off credit cards though.


What I've noticed is that lots of people go for cheque accounts when they don't make out cheques, nor do they require an overdraft facility. It works out cheaper to get a savings account instead.
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I switched from a savings to a cheque account and it's working out cheaper. Now I pay R120 a month and all my transactions are free within the amount I use. Previously it worked out to about R300+ a month.

Also my cheque works the same as a credit card so I cn buy stuff online:D
 
metalcore said:
What happened to the supposed ruling agains the banks regarding unfair bank charges. I got nailed several times with the missed debit order fee and it makes life harder than it already is when you can't pay your bills. Was this all talk again.
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There was no "supposed" or any other ruling yet. The Competition Commisions released its report earlier this month (and there was a whole story in News and Current Affairs about how the censored parts of the report have been uncensored, go searh for it.)

At the end of the report, suggestions have been made for the banks to comply with. If the banks don't heed these strong suggestions voluntarily, laws might be passed to make them do it.

Capitec only charges R3.50 for a "bounced" debit order. Maybe check them out (www.capitec.co.za)...
 
Just had a little run-in.

Apparently I can't get a contract with CellC as CellC does not have the ability to vet my credit record on Wizzit/Bank of Athens. :(
 
supersunbird said:
There was no "supposed" or any other ruling yet. The Competition Commisions released its report earlier this month (and there was a whole story in News and Current Affairs about how the censored parts of the report have been uncensored, go searh for it.)

At the end of the report, suggestions have been made for the banks to comply with. If the banks don't heed these strong suggestions voluntarily, laws might be passed to make them do it.

Capitec only charges R3.50 for a "bounced" debit order. Maybe check them out (www.capitec.co.za)...
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R3.50 is seriously cheap:eek:.

FNB charges R30 on savings account and R105 on a cheque account according to their latest pricing guide.

Personally, I only pay under R10 for bank charges, which is the monthly fee on the credit card. But even that is recovered in interest from my savings account.
 
metalcore said:
What happened to the supposed ruling agains the banks regarding unfair bank charges. I got nailed several times with the missed debit order fee and it makes life harder than it already is when you can't pay your bills. Was this all talk again.
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It is criminally unfair for banks to do this. In the "oh so controversial" document, the banks do admit to refunding clients who complain.
So .. complain to yer bank.
Complain bitterly.

I love the way that the debit order bounces, so you get nailed, and then the bank allows it them to submit it again .. and then they nail you again.

Fsking bastidz!

But yea .. complain to yer bank.
 
CathJ said:
True, although a cheque account does let you build up a credit history, which a savings account + credit card doesn't (unless this has changed with the NCA).

It realy does depend on your typical transactions and financial situation.
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That is true. I've never had a cheque account and I could still get credit!
 
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