How banks are helping South Africans cope with the coronavirus lockdown

Corelli

Expert Member
Joined
Jun 20, 2008
Messages
1,133
Standard bank offers no payment holidays and has also delayed dropping interest rates. Honestly I think I wil move to Nedbank after this is over. I dont feel interested to Bank with Standard Bank anymore. I contacted them for relief. The agent said the relief is only for their EE clients.
 

maumau

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Joined
Aug 13, 2009
Messages
15,244
What's an EE client?

Google only brings up stuff about Java.
 

Chris.Geerdts

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Joined
Nov 1, 2014
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2,032
Standard Bank came out of the blocks early with what sounded generous, but turning that into reality is another story. If I had worked the hours I actually spent more trying to defer small amounts on a student loan I am surety for than I would be substantially better off and far less stressed.
 

marco79

Expert Member
Joined
Sep 18, 2008
Messages
3,731
Only ABSA contacted me to offer some kind of "relief".
Absa sent a message that they are offering me a payment holiday on my credit card but my account fee and interest will continue to be added monthly.

What a bunch of loosers.
 

Brenden_E

Executive Member
Joined
Aug 30, 2006
Messages
5,082
Absa sent a message that they are offering me a payment holiday on my credit card but my account fee and interest will continue to be added monthly.

What a bunch of loosers.
Au contraire, they are winning at capitalism. My condolences that their winnings came at your expense.
 

Techne

Honorary Master
Joined
Sep 28, 2008
Messages
12,851
The entire financial system is a massive fraud. Working people have to balance their budgets and get penalized if they don't pay their debts.

Meanwhile large corporations and banks get bailed out using tax money while the banks just print more money via fractional reserve lending AND charge interest on the lent out printed money.

Lucky for the banks people are too enslaved by their passions to notice or care.
 

Ryansr

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Joined
Jul 22, 2012
Messages
3,941
Yeah, they all appear very eager to help, but everyone knows they just helping themselves.

I want this guy to be president.
Wow! I got COVID19 just from watching his spit and sweat fly all over my screen! :laugh:
 

Louis72

Senior Member
Joined
Jun 15, 2010
Messages
613
Only ABSA contacted me to offer some kind of "relief".
Got an SMS for credit products asking if I require assistance by replying on the SMS.

Judging by the facebook comments section replies for a Businesstech article about the 300 000+ clients they have helped so far they are handling this situation better than the rest by a long mile.

Most complaints there where directed at FNB and them giving people new loans to pay off existing loans. Fees and interest continue on both existing and new cashflow loans.
 

diesel

Expert Member
Joined
Mar 4, 2007
Messages
2,360
I wonder if its possible to use a crypto coin exchange as a bank account , deposit salary straight into the exchange every month , i see some exchanges offer debit cards that can be used for purchases.
 

Gordon_R

Honorary Master
Joined
Jul 5, 2009
Messages
12,452
It seems the banks are doing as little as the legally can, and this whole 'bailout' is a terribly bad joke:
The four banks that responded to Fin24's questions – Absa, FNB, Standard Bank and Investec – said business owners may or may not be required to provide surety, but each case is assessed on its own merit.

Standard Bank said this was part of the agreement between all industry parties and participating banks. FNB added National Treasury requires banks to continue applying the National Credit Act practices and standard credit assessments. Only sole proprietors in good standing are exempted.

"Commercial banks and the National Treasury share the risks of the scheme. The SARB takes no financial risk as its loans to banks are guaranteed by the National Treasury. The SARB have mandated the commercial banks to maintain good lending practices," said Jesse Weinberg, head of the SME customer segment at FNB.
Really?
FNB said it has so far disbursed over R220 million of these loans and Absa has approved roughly R100 million. The banks say they are not profiting from the scheme.
 

Techne

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Joined
Sep 28, 2008
Messages
12,851
I'll vote for the politician that sets up a public bank to undercut these private bank parasites and force them to cancel unjust debts.
 
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