R1.10 to send an email - Bank fees must die

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Jamie McKane

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R1.10 to send an email - Bank fees must die

Discovery Bank, Bank Zero, and TymeBank - South Africa's newest banks - are set to "disrupt" the local banking scene in 2019.

Disrupt - an almost meaningless word which is akin to "millennial" in terms of its flagrant use by anyone who wants to show they understand trends and marketing - is not enough, however.
 
Nothing is free they will make it up elsewhere, Discovery Bank will be the second most expensive bank in terms of monthly fees, Timebank has no features and limits all over the place, BankZero talks a lot, yet to see anything concrete on what they will offer.
 
What an astonishingly naïve article. The phrase "culture of fees worshipped by local banks" is notably egregious. Does the writer expect banks to operate with zero fees? That's insane.
 
Arthur said:
What an astonishingly naïve article. The phrase "culture of fees worshipped by local banks" is notably egregious. Does the writer expect banks to operate with zero fees? That's insane.
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No, but we expect the banks to not charge fscking ridiculous fees for things that should be free or close to free.
 
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when travelling, get a capitec card. by far the lowest fees for using card abroad.
 
Arthur said:
What an astonishingly naïve article. The phrase "culture of fees worshipped by local banks" is notably egregious. Does the writer expect banks to operate with zero fees? That's insane.
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It's called interest. Banking is a mutually beneficial transaction. You leave your money there and in return they can use it to make more money. Unfortunately somewhere along the line South African banks got the idea they can overcharge us for the little service they offer while not paying us for our service. Most of what they do is handled by automated systems while what I do is not. I'll pay for what I use but then the banks must pay for what they use instead of risking my money with no benefit for me.
 
Kevin Lancaster, you need to disrupt yourself and move to bank that doesn't charge for these things (I bet you are with Standard Bank). It's the bank you CHOOSE to be with that is the fault.
 
supersunbird said:
Kevin Lancaster, you need to disrupt yourself and move to bank that doesn't charge for these things (I bet you are with Standard Bank). It's the bank you CHOOSE to be with that is the fault.
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Yeah the international fee aspect relating to Netflix, needs to be couched with a Standard Bank thing, cos FNB doesn't charge me that fee at all.
 
Arthur said:
What an astonishingly naïve article. The phrase "culture of fees worshipped by local banks" is notably egregious. Does the writer expect banks to operate with zero fees? That's insane.
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That R1.10 e-mail fee though
 
kianm said:
That R1.10 e-mail fee though
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It's under $0.08, which is cheap for the service I reckon. The infrastructure to produce the mails and send them isn't free. It has to be purchased, installed, serviced, updated, maintained, etc. I'd rather pay per mail than a flat fee calc'd on the avg of everyone else's fee. Also, the price includes Caesar's portion of 15% on the bank's charge.
 
While maintaining fast transfer times regardless of where in the world you send tokens, the fees you pay do not change.
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Not always true.

If you send Ethereum to Durban or Dubai, it will take the same amount of time and you will be charged the same fee.
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Not always true.

Also, the writer doesn't take into consideration the cost of converting to and from fiat and volatile nature of crypto in general.
 
Arthur said:
It's under $0.08, which is cheap for the service I reckon. The infrastructure to produce the mails and send them isn't free.
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I'm not quite sure why people complain about convenience fees. You could print the POP and email it yourself which would be free.
 
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Swa said:
It's called interest. Banking is a mutually beneficial transaction. You leave your money there and in return they can use it to make more money. Unfortunately somewhere along the line South African banks got the idea they can overcharge us for the little service they offer while not paying us for our service. Most of what they do is handled by automated systems while what I do is not. I'll pay for what I use but then the banks must pay for what they use instead of risking my money with no benefit for me.
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You'd be miffed if I told you how to structure the composition of your fees. I certainly would be if you presumed to tell me I can't charge certain fees but should rely on investment income. A bank is no different. Sending a customer-initiated email is unrelated to the interest paid on customer deposits. Personally I'd hate them to wrap all that into a single price structure that disguises the discreet costs and charges.

Btw, all voluntary commercial transaction are mutually beneficial, otherwise why do it?
 
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nazmo said:
when travelling, get a capitec card. by far the lowest fees for using card abroad.
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what is the fees for using a capitec card abroad?

I have a virgin money credit card because it seemed at the time that they were the most cost effective method of purchasing and using the card abroad
 
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