Mmmm Im glad im not with ABSA

G

Generator Man

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So after the recent cutting of all withdrawals from home loan accounts, now ABSA is pulling out of sponsored events.

They just pulled out of the Female Farmer of the year competition where they sponsored prizes to the tune of R3.1m, now after the draw has taken place they are refusing to pay out the prize money due to their "reviewing of all sponsorships" Rumors are that they are pulling out of all other events for which they are sponsors as well.

According to their head of media relations it's due to "All business segments of the bank reviewing their decisions in line with various criteria, including spending, returns on investment, budgetary and business imperatives".

Seems like desperate measures to stop spending, coupled with measures to stop people from withdrawing funds from credit accounts. Something just smells fishy to me.
 
Ouch, can't be good. I can see where they are coming from though, they are just looking after their own interrests. But it must be very bad for people seeing this from an outside perspective. I for one will not bank with them seeing the latest developments ;)
 
I am extremely pleased regarding the withdrawal from sponsorship in certain events, their marketing budget must be scaled down to a respectable size.
Insofar as the withdrawals from home-loan accounts goes ... what exactly do you mean?
 
Agree with Stoke.

As to the withdrawals issue...i think you are only allowed to withdraw monies you have put into the bond account as opposed to an agreed limit or something to that effect
 
daveza said:
So my bank charges support the female farmer of the year awards ?!

Good to know it is being used wisely..... :mad:
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Yes, which in turn helps farmers produce better foods which you eat everyday. I don't see your problem exactly, would you prefer if it was rather re-directed to the MD's account?
 
blunomore said:
I am sure - and I hope - the winners can sue them for the prize money.
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A close friend of mine in the advertising industry is entangled in a law suit against ABSA who where garantors of funds for a government advertising campaign. come payment time ABSA refused, to the tune of R36m....
 
Given all the global banking jitters, I'd glad to see ABSA doing something rather than nothing. I may bank with them, but I'm far from being a fan, I just have a realistic expectation of equally mediocre service from any other S.A. bank.

Moving to another bank would be a pain because of all the admin, although I will admit I've been visiting Capitec's website.
 
So which bank would everyone else rather use? Go to FNB, then everyone will moan about this and that, then go to Standard Bank, now this and that is now not good enough. People will never be happy at any bank. This goes for cellular service providers as well.
 
Im overall happy with Standard, but ABSA seems so excel mediocrity and charging for any little thing and unwillingness to help.
 
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Been with STDbank for ages and I have never in my life had any issue with them. I doubt I will ever move from them tbh ;)
 
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