Sign up with GoogleI've just spent a large part of this morning trying valiantly to research our oh so fab banks and their product offerings for a small business bank account.
I must say that I never envisaged that it would be so phenomenally difficult to gather the details.
Each and every one of our banks have their own internally maintained websites, which they have complete control over, but somehow they actually manage to hide information astoundingly well.
After scouring Nedbank, FNB, Nedbank, Standard Bank and ABSA websites, I am worse off for all the effort that I put in, and I can honestly say that I am ashamed, and a little bit disgusted at some of these institutions.
Here are some of my more bizzare findings across the banks during my research:
- Depositing a post dated cheque can cost the company R70.
- Just having an overdraft can add R33 to your monthly fee's, even if you are not actually in overdraft.
- If you happen to have an overdraft, and you go over the limit, they can nail you R95 per transaction, without even giving you a courtesy call.
Then the usual and grudgingly accepted findings:
- Withdrawing from an ATM can cost from R3 -> R12 irrespective of the amount.
- Depositing CASH can incur at least a 1% "handling charge" and getting the cash back can cost you at least R21 at a branch.
- Debit orders are simply too expensive to consider, which is bizzare seeing as it's a fully automated process, which should free up human resources.
Some banks sneakily never mention internet banking in their fee's until you actually ask, and then they slap on a hefty fee above the existing monthly fee for that service, AND then add per transaction fee's for this service, which they do not list anywhere.
Anyways, incase you're at all curious, FNB's Business Transact product is by far the most cost effective of the small business packages.
Note : Netbank site cannot find it's fee information anywhere, so they are excluded from this, but fail nonetheless
Note : I excluded Capitec banks because they're do not have a branch close by.
I shudder to think what it would take to investigate a medium sized business's banking costs.
Q: Can anybody recommend a product better than FNB's Business Transact?
I must say that I never envisaged that it would be so phenomenally difficult to gather the details.
Each and every one of our banks have their own internally maintained websites, which they have complete control over, but somehow they actually manage to hide information astoundingly well.
After scouring Nedbank, FNB, Nedbank, Standard Bank and ABSA websites, I am worse off for all the effort that I put in, and I can honestly say that I am ashamed, and a little bit disgusted at some of these institutions.
Here are some of my more bizzare findings across the banks during my research:
- Depositing a post dated cheque can cost the company R70.
- Just having an overdraft can add R33 to your monthly fee's, even if you are not actually in overdraft.
- If you happen to have an overdraft, and you go over the limit, they can nail you R95 per transaction, without even giving you a courtesy call.
Then the usual and grudgingly accepted findings:
- Withdrawing from an ATM can cost from R3 -> R12 irrespective of the amount.
- Depositing CASH can incur at least a 1% "handling charge" and getting the cash back can cost you at least R21 at a branch.
- Debit orders are simply too expensive to consider, which is bizzare seeing as it's a fully automated process, which should free up human resources.
Some banks sneakily never mention internet banking in their fee's until you actually ask, and then they slap on a hefty fee above the existing monthly fee for that service, AND then add per transaction fee's for this service, which they do not list anywhere.
Anyways, incase you're at all curious, FNB's Business Transact product is by far the most cost effective of the small business packages.
Note : Netbank site cannot find it's fee information anywhere, so they are excluded from this, but fail nonetheless
Note : I excluded Capitec banks because they're do not have a branch close by.
I shudder to think what it would take to investigate a medium sized business's banking costs.
Q: Can anybody recommend a product better than FNB's Business Transact?