R21,700 - thats what I paid not to bank with ABSA anymore. (good riddance)

[xrapidx]

So which bank did you move to? FNB?

Investec, also closing my FNB accounts, but only because I don't need them.

 

[Rocket-Boy]

Money well spent. Absa is the worst bank I have ever dealt with. Not even sure how they are still in business.

 

[kingrob]

Allow me to quote your signature to you:



So you want everyone to point and laugh at you if your bank has an issue, or if you have a problem at work?

Just to clarify your stance on hypocrisy, you understand...

.

 

[ABU]

ABSA fees are non-existent if you have the right account and can maintain a R10k balance. My banking fees are about R25 per month. They just charge that for internet banking. No other fees. I keep my balance between R10k and R11k and invest the rest.

Don't you have to pay R21,95 for internet banking and then still pay R7,15 for every EFT?
So if you made 10 EFT's in the month, you end up paying R71.50 + R21.95 = R93.45 inspite of keeping R10k in the account.

While with FNB, if you keep R9k, you don't pay for any internet banking transactions.

 

[Sinbad]

Don't you have to pay R21,95 for internet banking and then still pay R7,15 for every EFT?
So if you made 10 EFT's in the month, you end up paying R71.50 + R21.95 = R93.45 inspite of keeping R10k in the account.

While with FNB, if you keep R9k, you don't pay for any internet banking transactions.

You also won't get a R25 per month bond account with ABSA either.

 

[SaiyanZ]

Don't you have to pay R21,95 for internet banking and then still pay R7,15 for every EFT?
So if you made 10 EFT's in the month, you end up paying R71.50 + R21.95 = R93.45 inspite of keeping R10k in the account.

While with FNB, if you keep R9k, you don't pay for any internet banking transactions.

The only monthly deduction from my account is the internet banking fee. Then again, my average banking for the month is as follows:

4 debit orders
3 ATM withdrawals
2 EFT's
I swipe my credit card everywhere when buying stuff and then pay it off at month end. This is free.


That's basically it for around R25. So maybe I'm not a power user. Just want to mention that I'm not advocating ABSA. All the banks have products with low fees. It's just a matter of choosing the right one. The only real reason to switch banks these days, at least for me, is to get a better home loan rate.

 

[kingrob]

Allow me to quote your signature to you:



So you want everyone to point and laugh at you if your bank has an issue, or if you have a problem at work?

Just to clarify your stance on hypocrisy, you understand...

I'm with Standard Bank.

If Standard Bank is more offline than online, and make wives and girlfriends cry, clench their teeth and mad with anger, get red faced with embarrassment when their whole shopping trolley trancactions gets declined at the end of the month, I would quickly look for another bank - EVEN IF THEY ARE THE CHEAPEST.

Enough said.

 

[Sinbad]

I'm with Standard Bank.

If Standard Bank is more offline than online, and make wives and girlfriends cry, clench their teeth and mad with anger, get red faced with embarrassment when their whole shopping trolley trancactions gets declined at the end of the month, I would quickly look for another bank - EVEN IF THEY ARE THE CHEAPEST.

Enough said.

Can we point and laugh at you when it happens though?

 

[xrapidx]

#$%#$%$% have removed my access to internet banking, even though the last funds from Investec haven't arrived yet (three days after they were paid)

I now can't see when they arrive, and also how much in credit I am.

 

[w1z4rd]

I left ABSA ages ago. I refuse to bank with a British bank when I can be supporting a South African bank. Also, their levels of service are terrible. Good riddance.

 

[xrapidx]

My sister is with investec, she moved from Nedbank private banking.
They're also crap and a waste of money.

Private banking is just a status thing and not worth the money or headaches you will be receiving.

Not a status thing for me. You won't get the sane deals with normal banking.

I applied at every bank, only private banking levels offered less than prime interest rates.

 

[xrapidx]

Sane deals are hard to find anywhere.

One thing about Investec, I'm not locked into their transactional account like ABSA, if their service doesn't live up to expectations, I can close the account and leave my bond there for R30/m

At ABSA, you have to keep your credit card, cheque and bond account open at a fee of R400/pm - even if you're only using the bond.

 

[Willie Trombone]

I "was" with ABSA Private Bank - their service has been so shocking over the years, and due to current markets, I've been unable to get a bond at a another bank for a similiar interest rate.

Every single request I sent to ABSA Private Bank they stuffed up, even the most simple of requests, like ordering a credit card.

So I was paying ABSA R400+ in fee's a month, and doing my banking at FNB for R180 a month, so in total I was paying a minumum of R580 a month. ABSA would also not allow me to change the account to a normal bond.

Then finally I managed to get a bond at a little better rate than ABSA, and I took up the offer at a cost of R21,700 - which is an indication of just how bad ABSA's service is.

I'll be saving almost R300 in fee's and around R200 a month in interest, so over the term of the loan I'll make my R21,700 back.

I'm just thankfull I will never have to deal with ABSA again, even the bond transfer took over two months, with the new bank saying they've never had so many issues dealing with another institution.

I couldn't even get a post dated settlement letter from ABSA on my credit card without a complaint on hellopeter, apparently it's impossible to generate a post dated letter, and obviously ABSA can't afford calculators to work it out.

ABSA - Good riddance, may you get whats coming to you.

Well done, I've done this myself before. The peace of mind is worth the money. It feels good to be able to tell a bank where to get off

 

[Ou grote]

One thing about Investec, I'm not locked into their transactional account like ABSA, if their service doesn't live up to expectations, I can close the account and leave my bond there for R30/m

At ABSA, you have to keep your credit card, cheque and bond account open at a fee of R400/pm - even if you're only using the bond.

When I took out my home loan there in 2006, I just had a plain savings account at ABSA and didn't need anything else.

I made the mistake of taking out their platinum account cheque and Credit card a year or so later.

I closed them and the savings account a few years later, and had only a home loan there for the last year.

 

[xrapidx]

I closed them and the savings account a few years later, and had only a home loan there for the last year.

I tried to do this, but they wouldn't allow it.

Its one of the reasons I was ok with spending the fee's to move banks, I know I'll recover it over time just in bank fee's I've saved.

 

[Ou grote]

I tried to do this, but they wouldn't allow it.

Its one of the reasons I was ok with spending the fee's to move banks, I know I'll recover it over time just in bank fee's I've saved.

Yes Private banking...

They find ways to make money out of you.

 

[HavocXphere]

Yes Private banking...

They find ways to make money out of you.

Like how?

I don't pay anything beyond the fee and the int rates aren't high enough to contain any real profit.

 

[xrapidx]

It took till yesterday to finally get my last account closed, the credit card.

So glad I'm done with them. Since starting the process three and a half months ago, they have for the 1st time, sent me two service surveys to rate their service, and I did.