Bank Fees !!!

Jola

Jola

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I have just thrown my toys at Standard Bank because of their bank fees, which have been increasing "massively" of late.

The problem is not just the actual announced increases, but they have also started charging for a lot of services that used to be included, resulting in a near doubling of my bank fees over the last year or two.

I was on Private Banking, but have now moved on to a cheaper account, but not sure how that will work out, it may just be best to move on to another bank.

With my CC Standard Bank started charging international transaction fees for all my eBay, Amazon, etc transactions, while I have no such charges with my FNB CC. The FX rates also seem to be better with FNB, so it is not worth having a CC with Standard Bank.

I also used the Capitec banking cost calculator to calculate estimated fees, worked out quite expensive, don't think that will work for me.

Any views / ideas on this ?
 
Get FNB bundled account
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Buy lotto tickets with eBucks...
 
Jola said:
I have just thrown my toys at Standard Bank because of their bank fees, which have been increasing "massively" of late.

The problem is not just the actual announced increases, but they have also started charging for a lot of services that used to be included, resulting in a near doubling of my bank fees over the last year or two.

I was on Private Banking, but have now moved on to a cheaper account, but not sure how that will work out, it may just be best to move on to another bank.

With my CC Standard Bank started charging international transaction fees for all my eBay, Amazon, etc transactions, while I have no such charges with my FNB CC. The FX rates also seem to be better with FNB, so it is not worth having a CC with Standard Bank.

I also used the Capitec banking cost calculator to calculate estimated fees, worked out quite expensive, don't think that will work for me.

Any views / ideas on this ?
Click to expand...
You're doing it wrong then. How many eft's and do's do you have a month? Do you withdraw money and how many times?
 
Just in the other thread I was complaining about FNB.

I was on FNB easy account. Nice and cheap for my usage and started getting the Just for You offers every time on the FNB app about upgrading to FNB Premier Cheque account... Finally took that offer as it clearly said no forms needed so yeah was very easy and R199 all inclusive sounded like a sound deal. Very nice process and CCD delivered my card 3 days later.

Used it the month like I always do and realized the charges on my statement totaling R700+ just for this month alone. So when I converted my easy account to the Premier account it did not activate the R199 all inclusive bundle and left me on pay as you transact account even though the app only gave me the R199 option I could not select anything else. It was R199 or nothing.

Lucky after just seeing red the call centre was able to move me to the R199 bundle deal and now asked for them to refund my R700 service fees that I got charged but left a bad taste in my mouth. One nice thing is the Premier Account comes with a 24/7 call centre which is really nice if something is going wrong 1am and you need help asap they are there. I called 4pm on a Sunday afternoon and they assisted me and fixed my account. Just waiting for the refund now which should be latest by Tuesday and she said she will call me as soon as she has feedback. Very nice to have that assistance of the premier account.

So back to Fees. R199 is not a bad deal IMO if I compare the budget accounts like Capitec and Old Mutual for example.

I switched from Capitec to FNB because Capitec was just not working for me. Debit orders and manual EFT payments started adding up and I usually en off paying R150 anyways for banking fees so switch to FNB.

When I add up the fees should I move to Old Mutual then am also looking at R120 give or take so adding R80 then I get pretty decent banking with FNB. I do not have any credit with FNB I keep my Woolworths CC for a backup and they use ABSA so it's a nice card to have as a backup. No internet banking on that card just SMS for transactions so I like it like that. Having a CC with the same bank is pointless as you just end off transferring fund to and from your cheque/savings account and if the bank goes offline which happened a few times already then both cards are useless.

So where too for affordable banking?
 
Always wonder why other people have so much bad luck. Over a decade of FNB with no fee issues.

Anyway, Discovery Bank will be here in the coming months so maybe worth a wait.
 
Capitec bruh.

Strangely enough Bidvest too.
My Bidvest account has treated me very well regarding fees.
 
Jola said:
With my CC Standard Bank started charging international transaction fees for all my eBay, Amazon, etc transactions, while I have no such charges with my FNB CC. The FX rates also seem to be better with FNB, so it is not worth having a CC with Standard Bank.
Any views / ideas on this ?
Click to expand...

Just by the way all banks charge this international fee it just gets bundled into one transaction entry. Standard bank recently split up the transaction, so you see what you pay for the actual item and them the fees separately (terrible marketing case as we can see).

Me and my friend paid for the same thing and we noticed mine was significantly cheaper, but if you add my international fee the costs come out the same.
 
happyCoder said:
Just by the way all banks charge this international fee it just gets bundled into one transaction entry. Standard bank recently split up the transaction, so you see what you pay for the actual item and them the fees separately (terrible marketing case as we can see).

Me and my friend paid for the same thing and we noticed mine was significantly cheaper, but if you add my international fee the costs come out the same.
Click to expand...

Not true, my ABSA personal CC and business FNB debit card don't have any conversion fee. The fee varies from product to product.
 
You will experience hefty banking fees if you keep doing what banks don’t want you to
Do, e.g drawing money at the ATM, depositing at the teller.

2 years back when I opened my FNB Cheque account I used to pay R400-R600 pm for banking fees, I only realized a year late that I have been banking wrong. Now I only pay about R105pm and get R600 to R900 back in Ebucks. So I am a happy man.
 
cavedog said:
[MENTION=392579]Sudhir[/MENTION] linked me to this

https://cardholderbenefitsonline.com/#service-248
https://cardholderbenefitsonline.com/files/uploads/dcffeba64f4dcc07e723f7e35c2ae670.pdf

Looks like the Visa card also comes with a extended warranty service and a lost or stolen benefit if you paid for the goods with your visa card. Very interesting
Click to expand...
That's for their own Visa platinum card and if you get it here it'll be hellish expensive. My Capitec Mastercard CC also comes with chargeback protection, lost card protection and free travel insurance.

happyCoder said:
Just by the way all banks charge this international fee it just gets bundled into one transaction entry. Standard bank recently split up the transaction, so you see what you pay for the actual item and them the fees separately (terrible marketing case as we can see).

Me and my friend paid for the same thing and we noticed mine was significantly cheaper, but if you add my international fee the costs come out the same.
Click to expand...
Capitec doesn't. It's probably included in the exchange rate but you'd probably still be better off.

ScottulusMaximus said:
Not true, my ABSA personal CC and business FNB debit card don't have any conversion fee. The fee varies from product to product.
Click to expand...
A currency conversion fee of 2,75% (of the rand value of the transaction) applies to any transaction outside South Africa.
Click to expand...

epah said:
You will experience hefty banking fees if you keep doing what banks don’t want you to
Do, e.g drawing money at the ATM, depositing at the teller.

2 years back when I opened my FNB Cheque account I used to pay R400-R600 pm for banking fees, I only realized a year late that I have been banking wrong. Now I only pay about R105pm and get R600 to R900 back in Ebucks. So I am a happy man.
Click to expand...
You get more ebucks with a CC so either you spend a ton or have a CC at +-R50 p/m aswell.
 
backstreetboy said:
That's for their own Visa platinum card and if you get it here it'll be hellish expensive.
Click to expand...
[MENTION=150099]backstreetboy[/MENTION] [MENTION=6174]SauRoN[/MENTION]

Nope. I think you are mistaken. If you have a FNB Premier cheque or cc then it applies to you. I'm sure it also applies to other banks using Visa cards. Local guys handling it is Chubb Insurance services SA.

Clicking on the link there allows you to log in. When I log in with my easy account card it shows Visa gold. When I log in with my premier card it shows platinum card. Logging in with my Woolworths CC gives error invalid card number.
 
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backstreetboy said:
You get more ebucks with a CC so either you spend a ton or have a CC at +-R50 p/m aswell.
Click to expand...

Yes I have a CC and spend everything on it. Also I don’t earn much so I don’t spend a ton. Just swipe at checkers and swipe for my rent instead of EFT or debit order so that helps with my Ebucks. Also most of my Ebucks do come from checkers but due to the new rules I will be getting less Ebucks from this month.
 
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cavedog said:
[MENTION=150099]backstreetboy[/MENTION] [MENTION=6174]SauRoN[/MENTION]

Nope. I think you are mistaken. If you have a FNB Premier cheque or cc then it applies to you. I'm sure it also applies to other banks using Visa cards. Local guys handling it is Chubb Insurance services SA.

Clicking on the link there allows you to log in. When I log in with my easy account card it shows Visa gold. When I log in with my premier card it shows platinum card. Logging in with my Woolworths CC gives error invalid card number.
Click to expand...

Interesting thanks.
 
epah said:
Yes I have a CC and spend everything on it. Also I don’t earn much so I don’t spend a ton. Just swipe at checkers and swipe for my rent instead of EFT or debit order so that helps with my Ebucks. Also most of my Ebucks do come from checkers but due to the new rules I will be getting less Ebucks from this month.
Click to expand...

How do you swipe for rent if i may ask?

Also going to move back down from FNB Private to Premier

R 265 on Premier vs R 385 on Private including Overdraft.
 
BigBear said:
How do you swipe for rent if i may ask?

Also going to move back down from FNB Private to Premier

R 265 on Premier vs R 385 on Private including Overdraft.
Click to expand...

My landlord(building manager) has a speedpoint. All I do is go to his office swipe my CC then transfer the money from my Cheque Card straight to the CC. On my statement the transaction shows as holiday and travel or something like that.
 
happyCoder said:
Just by the way all banks charge this international fee it just gets bundled into one transaction entry. Standard bank recently split up the transaction, so you see what you pay for the actual item and them the fees separately (terrible marketing case as we can see).

Me and my friend paid for the same thing and we noticed mine was significantly cheaper, but if you add my international fee the costs come out the same.
Click to expand...

I don't see any other such fee on my FNB statement, bundled or otherwise.

Both the Standard and FNB cards were platinum cards, so equivalent.

Seems that Standard are just better with the fee-gouging activities.
 
Ho3n3r said:
Capitec expensive? The hell kind of transactions will you be doing?
Click to expand...

Nothing special, but it worked out to R284 per month. Don't know why, it doesn't provide a breakdown. (Note : I think that there is an error in their calculator, but because it doesn't give a breakdown I cannot see what it is).

But the one thing that is quite noticeable with these bank fee threads is that some people prefer x bank, and others prefer y bank, but I have seen absolutely nobody that prefers Standard Bank.

Does that tell you something ?
 
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