Public speak out on bank fees

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DigitalSoldier

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http://www.fin24.co.za/articles/default/display_article.aspx?Nav=ns&ArticleID=1518-1786_2023899

The Banking Enquiry of the Competition Commission of SA will investigate aspects of competition in banking and the national payment system.

Enquiry manager Charles Frank said the commission received about 215 submissions from the general public.

The enquiry is a result of public concern about the high level of bank fees charged by banks.

I hope they are more effective than ICASA
 
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icyrus

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Wasn't there a similar investigation into car prices? And we are now all enjoying cheap car prices right?

So in other words, if you want change you're gonna have to leave the country.
 
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mac_mac74

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icyrus said:
Wasn't there a similar investigation into car prices? And we are now all enjoying cheap car prices right?

So in other words, if you want change you're gonna have to leave the country.
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and telecoms prices
 
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mac_mac74

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Enquiries just make it look like these lazy arses are doing some work, to justify the fat bonus's.
 
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dlk001

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mac_mac74 said:
Enquiries just make it look like these lazy arses are doing some work, to justify the fat bonus's.
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Maybe there should be an enquiry into these endless enquiries. Maybe that would run forever!!!
 
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vespax

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I took action on my bank fees last Saturday! My wife thinks I am a retard (and most of you will probably also) but I will share my little story for fun.

I had to deposit about R4,000 in cash into my student account to pay my rent and health insurance for November. Now, if I deposit it in one lump sum, I would be charged R2.50 + 1% of total value of deposit. This would equal R42.50 just for depositing my money into freaking FNB! (Note: I am not cheap, I just think bank charges are stupid)

So I went to the bank on Saturday, pulled money out of the ATM from my US bank account (no fees for that international transaction!) and filled out 8 deposit forms, each to deposit R499 cash. I than waited in line and when it was my turn, laid out eight deposit slips on the counter and 5 - R100 bills for each deposit. The teller had a blank look on her face.

She did the first deposit. Than the second. Than she asked if they were all for R499. I said yes. The line was full behind me but I didn't care. I finished my deposits, took my slips and 8 rand in coin and said "see you next month." About an hour later I received 8 SMS's stating that R499 was deposited into my account! :p

I have only paid the standard R13.50 per month fee to bank in SA for their crap fee scam. I will make it uncomfortable for the bank since they make it uncomfortable for me. Fight them where you can is what I am doing. ;)
 
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Cara

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What an excellent idea!

Problem i have with banks is that I never know how much I will pay for what, it's all so confusing.

Other day asked for policy and only when threated bank (ABSA) with the ombudsman would they give it to us.

Now why can't I get a copy of what the transaction fees are (it was for forex cheque but still ...)
 
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Debbie

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That's a pretty serious accusation you're making there Cara - to be sure, are you saying that they initially refused to give you their costs chart? (they are required to give you under FICA(?)?)
 
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Cara

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That's correct Debbie2 ... then insisted that she give us a letter to say she was refusing so she went to go and check with her manager and a few secs later gave us a copy.

I think she was told it is against the law to withhold the info so she gave it to us but not without a fight :D
 
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Debbie

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Wow. So now it's ok to have employees unfamiliar with our tight banking laws. ABSA disgusts me further.
 
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mac_mac74

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vespax said:
I took action on my bank fees last Saturday! My wife thinks I am a retard (and most of you will probably also) but I will share my little story for fun.

I had to deposit about R4,000 in cash into my student account to pay my rent and health insurance for November. Now, if I deposit it in one lump sum, I would be charged R2.50 + 1% of total value of deposit. This would equal R42.50 just for depositing my money into freaking FNB! (Note: I am not cheap, I just think bank charges are stupid)

So I went to the bank on Saturday, pulled money out of the ATM from my US bank account (no fees for that international transaction!) and filled out 8 deposit forms, each to deposit R499 cash. I than waited in line and when it was my turn, laid out eight deposit slips on the counter and 5 - R100 bills for each deposit. The teller had a blank look on her face.

She did the first deposit. Than the second. Than she asked if they were all for R499. I said yes. The line was full behind me but I didn't care. I finished my deposits, took my slips and 8 rand in coin and said "see you next month." About an hour later I received 8 SMS's stating that R499 was deposited into my account! :p

I have only paid the standard R13.50 per month fee to bank in SA for their crap fee scam. I will make it uncomfortable for the bank since they make it uncomfortable for me. Fight them where you can is what I am doing. ;)
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excellant , how about going one step further , rather than waste ya time, why not fill out one deposit slip (exclude the date/signature), make about 50 photocopies and there ya go, at end of month all ya need is a date and signature - Saving you time, saving you money, putting you first
 
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bwana

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mac_mac74 said:
excellant , how about going one step further , rather than waste ya time, why not fill out one deposit slip (exclude the date/signature), make about 50 photocopies and there ya go, at end of month all ya need is a date and signature - Saving you time, saving you money, putting you first
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My FNB branch doesnt even use deposit slips anymore. :confused:

EDIT - the no fee for less than r500 only works on a limited number of accounts - in fact so far only a student account as far as I can see.
Cara said:
I think she was told it is against the law to withhold the info so she gave it to us but not without a fight :D
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You should have pointed out its on their home page.
 
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