R12 billion under mattresses

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the354

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Checks under mattress..
Nope! :( Nothing there and just a beeg hole in the bank.

http://www.timeslive.co.za/local/article646582.ece/R12-billion-under-mattresses

The unbanked in South Africa have put about R12 billion "under mattresses", the Banking Association of SA's inaugural summit in Johannesburg heard on Tuesday.
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"It would have a massive impact if that money came into the market," Brian Richardson, the CEO of mobile banking company Wizzit, told the summit.

While the problem of a large, unbanked population was not unique to South Africa, Richardson said it was "sad" that last year, the number of unbanked people increased.

"We seem to be going backwards and the economy and the global meltdown has been blamed."

However, he said the key to getting more people to open bank accounts depended on affordability, accessibility and availability.

"We don't have all the answers and if it was easy to bank the unbanked, everyone would be doing it."

Richardson said banks could not be all things to all people and big banks would experience some difficulties in serving the informal market.

"Banks are highly formally structured organisations designed to serve a formal structured market so it's not easy for them to deal with the chaos of the informal market."

He said that when it came to mobile banking, South Africa was losing the race.

"Our system in countries like Zambia is far more successful."
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I would personally prefer to keep my bit of pay under the mattress than pay all these banking fees.
Long time ago when there was a United Building society, Trust bank you could save money, R50 would stay in the account and grow.
Now A balance of R50 in a ABSA savings account, gets eaten up in a few months and you get love letters about closing the account.
So. My point is. The banks just seem to be taking money for every transaction and appear to be a constant drain, instead of somewhere to keep a bit of money and watch it grow.

What sayeth the forumites?
 
Why is it 'sad', and a 'problem', if the bloody banks just completely rip us off?

You could probably put some money in to grow and lose money from bank charges?

Stupid scam artists.
 
the354 said:
Checks under mattress..
Nope! :( Nothing there and just a beeg hole in the bank.

http://www.timeslive.co.za/local/article646582.ece/R12-billion-under-mattresses






I would personally prefer to keep my bit of pay under the mattress than pay all these banking fees.
Long time ago when there was a United Building society, Trust bank you could save money, R50 would stay in the account and grow.
Now A balance of R50 in a ABSA savings account, gets eaten up in a few months and you get love letters about closing the account.
So. My point is. The banks just seem to be taking money for every transaction and appear to be a constant drain, instead of somewhere to keep a bit of money and watch it grow.

What sayeth the forumites?
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I feel you there...I wish I could instruct my employer to pay me in a brown envelop :D
 
Use Capitec, the fees are low or nothing, the service adequate and simple, even the unbanked shoudl use it. The only problem I have it with deposit fees, was free for below R2000 but that dropped away...
 
I save money at home for my holiday. When It's in the bank, I am too tempted to swipe my card...

When it's at home, it's too much of a hassle to even think of using it.
 
Agreed, agreed and agreed on the banks with their ripoff transaction fees and everything-fees that's ripping us off that way.

So stupid.

If they charge less per transaction, then they might make more money as they'll attract more clients.

But it seems that the general direction things are going is to rip off as much people as possible with as much as you can.

Sick. :sick:
 
Bizkit87 said:
/gets Dives home address

:whistle:
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Just ask... Once you get pass the electrified fence, dogs, buglar bars, alarm system and armed reaction, you still need to get into the safe.

Good luck!

Back OT: It's much easier and cheaper to save cash than to deposit the money and withdraw again...
 
I went over to capitec as soon as they seemed stable enough, I have never heard of an SA bank whos interest outweighs the bank charges.
 
Pooky said:
Why is it 'sad', and a 'problem', if the bloody banks just completely rip us off?

You could probably put some money in to grow and lose money from bank charges?

Stupid scam artists.
Click to expand...

Got a call from ABSA this afternoon wanting to know if we want credit protection on the balance owing on one of our vehicles ... the vehicle was bought in 2007 or 2008 and they only ask now??!!

Surely if WE wanted credit protection, WE would have asked them. Now they call and try to force a sale over the phone. Don't give me unsolicited sales calls!!
 
blunomore said:
Got a call from ABSA this afternoon wanting to know if we want credit protection on the balance owing on one of our vehicles ... the vehicle was bought in 2007 or 2008 and they only ask now??!!

Surely if WE wanted credit protection, WE would have asked them. Now they call and try to force a sale over the phone. Don't give me unsolicited sales calls!!
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I dumped ABSA for Capitec recently, so they are trying to make up the the money they stole from me
 
blunomore said:
Got a call from ABSA this afternoon wanting to know if we want credit protection on the balance owing on one of our vehicles ... the vehicle was bought in 2007 or 2008 and they only ask now??!!

Surely if WE wanted credit protection, WE would have asked them. Now they call and try to force a sale over the phone. Don't give me unsolicited sales calls!!
Click to expand...

They tried tricking me into buying life insurance through them. They call me about 4 times a year and offer me a credit card.
I tried buying a house beginning of the year, they gave me the worst options and the worst offer out of all the banks I tried.

I am currently killing my overdraft with them, after that its bye bye ABSA.
 
blunomore said:
Got a call from ABSA this afternoon wanting to know if we want credit protection on the balance owing on one of our vehicles ... the vehicle was bought in 2007 or 2008 and they only ask now??!!

Surely if WE wanted credit protection, WE would have asked them. Now they call and try to force a sale over the phone. Don't give me unsolicited sales calls!!
Click to expand...

They phoned me about that yesterday...for the 2nd time.

I really hate ABSA. Built up very healthy credit history with them, but I want to bail as soon as my car is paid off with them.

I've been hearing positive things about Capitec...just need to investigate more. Only thing I like about Absa is the convenience of the online banking facilities.
 
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Yeah I wonder why those people aren't banking their money, lets see there are transaction fees out the waazoo, I remember I had a savings account for years all my pocket money and then from odd jobs etc used to go into it, I decided about 4 years of leaving it to check it out about 7 years ago and there was about R200 in it, the transactions for their admin fees and various other fees outweighed the interest so heavily they were taking money from me to keep money with them? Closed the account.
 
Voicy said:
They phoned me about that yesterday...for the 2nd time.

I really hate ABSA. Built up very healthy credit history with them, but I want to bail as soon as my car is paid off with them.

I've been hearing positive things about Capitec...just need to investigate more. Only thing I like about Absa is the convenience of the online banking facilities.
Click to expand...

It's pretty much just the prepaid stuff, you can't do with Capitec yet.
 
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