Banks : am I just fussy?

[Dolby]

I want a single bank to look after my affairs, and each one seems to have done something to piss me off.

ABSA charged me a R12,000.00 management/broker fee on an investment, effectivily giving me 3% interest over the period. When I queried, they simply said 'you agreed and signed'. I understand the reasoning, but I didn't invest myself (done through a trust) and I just thought the response could have been.

Nedbank just hasn't replied to my emails asking how/why/when etc I can open all my accounts through them.

FNB has been the best and never let me down. I should be staying with them, but they can't increase my limit for 6 months to enable me to consolodate debt to a signle bank. Wish they could make a plan, but anyway.

I read up on an account and went into Standard Bank on Saturday to open an account. Everything seems great and they'd be able to help me with everything - which is what I wanted. However now that I query a few benefits listed here http://www.standardbank.co.za/SBIC/Frontdoor_02_02/0,2454,9489051_9489138_0,00.html I'm told :

Will safe custody is included however there's a two year waiting list cause ( not to sound nasty) only when someone dies does it become availabe. The annual fee is R65.

In the 2009 brochure establishment fees for guarantees are no longer included. You would need to pay R475 to set up.

Mthly home loan admin fee is no longer included and only applies to prestige clients who registered their bonds before 1 January 2009.

Surely that's not right? I mean I wanted everything, including my Will to be held here. I wanted to buy a property this year and all of this indicated to me it was included :/

 

[guest2013-1]

You're not being fussy, but regarding having everything at one place including your Will is a bad idea.

Sure, having 1 bank and working with 1 (or more) accounts at said bank is a great thought. Just don't do life insurance (for the bond) or your Will through them. It gets nasty. Especially when the bond term ends your life insurance on the house stops as well etc.

Standard Bank is the best IMO so stick it out with them. Perhaps go see the "bank manager" and talk to him about how you thought XYZ was included and when opening the account nobody informed you of the contrary. Also mention to them that you wanted to open a bond and buy a house this year etc but shopping for a bank it seems that Standard Bank might not be it.

Check his/her response etc. Remember. YOU give THEM money. a Bond is big bucks so taking away business from other banks should be their #1 priority

 

[Dolby]

but regarding having everything at one place including your Will is a bad idea.

Why is your bank holding your Will a bad idea?

I'd hope that by having one bank handling all your affairs, they would be able to help with rates.

 

[blunomore]

Why is your bank holding your Will a bad idea?

Because, when they draft your will for you, the appoint themselves as the executors and they will take an executor's fee for handling your deceased estate when you pass away.

If you make e.g. your spouse/partner or a family member the executor, at least the money stays in your family rather than go to the bank.

 

[Geriatrix]

I'm moving to Fnb this week. Absa and all their charges can go to hell.

 

[PJS]

Because, when they draft your will for you, the appoint themselves as the executors and they will take an executor's fee for handling your deceased estate when you pass away.

If you make e.g. your spouse/partner or a family member the executor, at least the money stays in your family rather than go to the bank.

And they are better equipped to deal with this. Winding up an estate is not easy, with many pitfalls not to mention that it places huge pressure on the person dealing with it.

My view on this is to avoid it unless the person you appoint has some experience in the matter

BTW, you dont need to keep a safty deposit box to safegaurd your will. They keep a copy on record

 

[Dolby]

Because, when they draft your will for you, the appoint themselves as the executors and they will take an executor's fee for handling your deceased estate when you pass away.

If you make e.g. your spouse/partner or a family member the executor, at least the money stays in your family rather than go to the bank.

True - but on the other side, it's nice to have someone out the family and impartial. A death in my family ruined a few relationships because of money.

Based on that, I'd always appoint someone with emotion involved to look after my affairs.

 

[blunomore]

True - but on the other side, it's nice to have someone out the family and impartial. A death in my family ruined a few relationships because of money.

Based on that, I'd always appoint someone with emotion involved to look after my affairs.

I guess it depends on the family dynamics, etc.

I would say rather appoint a family member or the family lawyer.

 

[PJS]

I guess it depends on the family dynamics, etc.

I would say rather appoint a family member or the family lawyer.

If your only reason is to reduce cost then a family lawyer is not an option. They also charge for the service. But seriously giving the estate to a family member places a huge burden on them.

 

[Dolby]

If your only reason is to reduce cost then a family lawyer is not an option. They also charge for the service. But seriously giving the estate to a family member places a huge burden on them.

Yea - but not only that.

I know my brother asked for a motorbike at 17 to get around. He motivated his reasons and even had valid points - but he suggestion wasn't even looked at because the family is anti motorbikes.

Or I asked to further my studies at 22 and was declined because 'based on previous years, you'd fail again and waste money ...' We probably both would have had more chance gettng our individual needs met with an impartial member.

 

[Hoof-Hearted]

If your only reason is to reduce cost then a family lawyer is not an option. They also charge for the service. But seriously giving the estate to a family member places a huge burden on them.

I've got to disagree here. What is the huge burden other than having to wait for documentation at various stages of the process from the master of the court?
As long as the affairs of the deceased are in order, it's a straightforward process with all the documentation available online or at worst something one can pick up at Walton's
The banks are quite happy to ream the estate for executors fees and any other admin fee they can dream up.

 

[blunomore]

I've got to disagree here. What is the huge burden other than having to wait for documentation at various stages of the process from the master of the court?
As long as the affairs of the deceased are in order, it's a straightforward process with all the documentation available online or at worst something one can pick up at Walton's
The banks are quite happy to ream the estate for executors fees and any other admin fee they can dream up.

Agreed, and just imagine how angry those same family members willl be if their inheritance is reduced because of the sizable chunk taken by the bank as fees.