Nedbank Private Bank ripoff

[fruitbat]

I was approached by nedbank a year or so ago to move to nedbank private banking. The deal sounded good having access to a private banker and financial advisors etc etc. And your cheque card, credit card and garage card with no annual card fees. All of this at a cost of +/- 250 a month which has gone up to 280.

2months ago i woke up and wanted to see what im paying for..... So I asked for them to relook at my home and car loan interest rates as well as the exorbitant monthly fee. First I was ignored for a month and then I was told my rates were good and the bank fee was 280 take it or leave it. I then thought, am I getting the service I'm paying for if they take this long to reply? NO! I then get a very impersonal auto email saying i should contact my private banker if I want to rebook at my portfolio. Auto-email is personal? NO

I am now moving back to normal banking which is a third of the price with the same benefits. So I guess I am wising up. But.... The funny thing is that when I requested to cancel the private banking service, nobody asked why. They just dragged their heels and took 2 weeks for the process to start. When I told the normal banker that no one was bothered by me leaving private banking, she responded by telling me that she thinks nedbank private bank knows its a ripoff, and are probably going to bring out a more competitive product. I was surprised at this response. What a ripoff.

Anyways, I was dumb and thought the flashy bank cards were worth the 3k+ in bank fees. I have now wised up a little. I just wonder how many people out there are still being duped by this personal service that is not really that personal.

 

[DJ...]

I've only had really good service from Standard Bank's private banking. Not entirely a waste of money as far as I'm concerned but I made sure I got my money's worth...

 

[undesign]

Nedbank is generally all-round shyte.

For good private banking service - go Investec or RMB.

 

[VG008]

FNB's Platinum is equal to Nedbank's EveryDay cheque account.

Nedbank

Nedbank's Everyday Cheque Account (Ref http://www.nedbank.co.za/website/content/interrestrates/acc_ECA.asp)
= Monthly Fee 105,00 + Overdraft 12,00 + SMSs + 12,00
Total = R129,00

Nedbank's Private Banking (http://www.nedbank.co.za/website/content/interrestrates/2012_Brochures/Pricing_Brochure_2012.pdf)
Total = 269,00

FNB

FNB's Platinum Cheque Account (Unlimited Option https://www.fnb.co.za/downloads/pri...onal_Pricing_2012_Personal_Cheque_Account.pdf)
Total = R120.00

FNB's Private Banking (Ref https://www.fnb.co.za/downloads/pdf/private-clients/pricing-guide/FNBPC_PricingGuide.pdf)
Total = R175.00 - R210,00

Absa

Private Banking (http://absa.co.za/deployedfiles/Absacoza/PDFs/Rates and Fees/Private Bank/Absa Private Bank Fees.pdf)
Total = R330,00

Std Bank (Ref http://www.standardbank.co.za/standimg/standardbank/fileDownloads/privatebankingaccount.pdf)

Total = R285,00

 

[tmak]

I've started a new thread here; http://mybroadband.co.za/vb/showthr...ing-(Private-Banking)?p=12350538#post12350538 to hear what others think about it, would be great to get some new views should you have them.

 

[SauRoNZA]

It sounds to me like you don't know who your Private Banker is and therefore didn't try to contact them directly but instead used some generic mailbox?

At least that's how I understand your post, in which case I'm not all too surprised you aren't happy with it.

 

[Arthur]

If you're still comparing basic banking fees then Private Banking isn't for you. Just get a normal account.

Private Banking can make a difference when you're looking at the whole picture over at least 12 months ... services, facilities (as in access to cash/OD/loans/mortgage/etc and the rates charged for these for call and term, both in rapid availability and in actual use), and so on.

If you don't actually use the special services and facilities you negotiate with your private bank, then you'll end up paying through your nose for ornery banking.

Unfortunately many people see Private Banking as a status thing. It's not. And the banks don't help.

 

[buyeye]

I used avis point to point free last week from the airport to my house. That was prolly about 2 months(I'm sure it was more) worth of my bank fees and I still get e bucks, with fnb btw.

 

[ThumperNut]

I'll add that Nedbank's "private banker" is a frustrating experience in poor, slow or no response until threatened.
I almost always resort to calling the call centre to get things done or to get information that I require urgently.
Add to this that most of the information I request is not available on the web site or impossible to locate.

 

[f2wohf]

I was approached by nedbank a year or so ago to move to nedbank private banking. The deal sounded good having access to a private banker and financial advisors etc etc. And your cheque card, credit card and garage card with no annual card fees. All of this at a cost of +/- 250 a month which has gone up to 280.

2months ago i woke up and wanted to see what im paying for..... So I asked for them to relook at my home and car loan interest rates as well as the exorbitant monthly fee. First I was ignored for a month and then I was told my rates were good and the bank fee was 280 take it or leave it. I then thought, am I getting the service I'm paying for if they take this long to reply? NO! I then get a very impersonal auto email saying i should contact my private banker if I want to rebook at my portfolio. Auto-email is personal? NO

I am now moving back to normal banking which is a third of the price with the same benefits. So I guess I am wising up. But.... The funny thing is that when I requested to cancel the private banking service, nobody asked why. They just dragged their heels and took 2 weeks for the process to start. When I told the normal banker that no one was bothered by me leaving private banking, she responded by telling me that she thinks nedbank private bank knows its a ripoff, and are probably going to bring out a more competitive product. I was surprised at this response. What a ripoff.

Anyways, I was dumb and thought the flashy bank cards were worth the 3k+ in bank fees. I have now wised up a little. I just wonder how many people out there are still being duped by this personal service that is not really that personal.

First there is no Nedbank Private Bank, it was BoE before and is now Nedbank Private Wealth.

I never had any issue in 3 years with them, my banker answers or calls me back personally within the day.

I guess different people, different experiences.

Private Wealth is also R384, so you're definitely not on their Private Wealth (which is their only private banking) but probably one or two options under.

 

[supersunbird]

First there is no Nedbank Private Bank, it was BoE before and is now Nedbank Private Wealth.

I never had any issue in 3 years with them, my banker answers or calls me back personally within the day.

I guess different people, different experiences.

Private Wealth is also R384, so you're definitely not on their Private Wealth (which is their only private banking) but probably one or two options under.

5 years old post... inflation...

 

[f2wohf]

5 years old post... inflation...

It was still not called Private Bank.

But yes, did not see the post date.

 

[ThumperNut]

Hi f2wohf,

I didn't start this thread but was adding to it. My Nedbank PW banker is pathetically slow.

- Took a month until her assistant finally responded yesterday with correct details of an importation payment on my business account
- Learned from a Card Division enquiry this morning that a replacement personal card I'd ordered 20 days ago was only order today after I sent another email that I needed the card before leaving overseas

Seems like there's no urgency or accountability in my experience at present. Time to get the person changed.

 

[f2wohf]

Honestly the complete opposite experience for me.

It’s insane how an experience can vary with one bad employee.

Have you tried to ask to change to another private banker ?

 

[ThumperNut]

Have you tried to ask to change to another private banker ?

Working on that....

 

[fruitbat]

It was still not called Private Bank.

But yes, did not see the post date.

lol I was the original poster, and this popped up in my inbox. You are knit picking... Private wealth / Private banking. Shoot me for using the wrong label lol

I moved to Private Wealth at FNB, and yes it is "Private Wealth" ;-) It says so on my cards. Aside from the awesome service and benefits. I even get discounted bank fees.

Anyways...Glad you are having a positive experience with nedbank as I certainly didn't!

 

[HavocXphere]

The major banks are obviously under pressure to re-badge their existing offerings as "private banking". Unsurprisingly that doesn't live up to customers expectations as something better than the existing services they received.

Good money making scheme though.

For good private banking service - go Investec or RMB.

Pretty much.

Even those - I'd venture that as pleasant as it is most people have no need for it.

 

[buyeye]

The major banks are obviously under pressure to re-badge their existing offerings as "private banking". Unsurprisingly that doesn't live up to customers expectations as something better than the existing services they received.

Good money making scheme though.


Pretty much.

Even those - I'd venture that as pleasant as it is most people have no need for it.

Since my last post i have downgraded to then platinum and back up again. The difference in fees in minor compared to the difference in rates that you get mine was almost double.

I've only got my rate from the first time by changing to the fusion account.