Solidarity ditches Absa

Are you considering moving away from ABSA as your banking institution?

  • Yes

    Votes: 18 40.0%

  • No

    Votes: 7 15.6%

  • Unsure

    Votes: 3 6.7%

  • Never banked with them and not planning to

    Votes: 15 33.3%

  • I am planning to take business to ABSA

    Votes: 2 4.4%
  • Total voters
    45
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BBSA

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http://www.timeslive.co.za/business/article743432.ece/Solidarity-ditches-Absa

The Solidarity Movement - the trade union Solidarity, AfriForum and Helping Hand - is putting its money where its mouth is.

The movement announced yesterday that it would be moving investments and money market accounts from Absa to other banks.

The movement's leaders will all move their personal accounts to FNB and Nedbank respectively.


In addition to moving its own investment accounts, the Solidarity Movement is also distributing its report on bank charges among its members. The movement found Standard Bank and Absa to be the most expensive banks in South Africa.

About 100000 (65%) of the Solidarity Movement's members currently do their banking at Absa.

The accounts have an estimated annual turnover of about R18-billion. This excludes mortgages and other business such as short-term insurance and wills.

Apart from Solidarity members, several thousand dissatisfied Absa clients will also be informed of the findings of the report on bank charges.

According to the Solidarity Movement, banking choices will in future be based on cost and service, and not traditional loyalty.

The Solidarity Movement found that Capitec and FNB are South Africa's cheapest banks.
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Good on them. Hope more people will follow.
 
Oh yeah - heard this on the radio this morning on RSG.

Good move - bold and to the point!
I like it - I left them (ABSA) in April of this year - much happier and R300-R400 a month richer every month in bank charges saved with Capitec.
 
So what exactly is their reason for leaving... opposed to change or high bank charges. They appear at pains trying to justify this move, the bank charges thing was thrown in at the last minute to rationalise things.
 
R13... said:
So what exactly is their reason for leaving... opposed to change or high bank charges. They appear at pains trying to justify this move, the bank charges thing was thrown in at the last minute to rationalise things.
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Either works for me. And it should be good enough for anyone else wanting to actually save money, rather than paying a king's ransom every time you want access to it.
 
R13... said:
So what exactly is their reason for leaving... opposed to change or high bank charges. They appear at pains trying to justify this move, the bank charges thing was thrown in at the last minute to rationalise things.
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I tend to agree with you after last night's news bulletin.

First they were up in arms about the quota drama ... and then Kallie Kriel said yesterday that the banking fees are too high and he does not want his bank fees to be used to fund ABSA's policies on sport
(I am paraphrasing, as I do not remember his exact words).

I would also love to get my hands on that report re: the banking fees. In the same news bulletin, ABSA responded by saying they do not know where Solidarity got the info from to do their research and that they (ABSA) have lots of different options (in terms of costs) for clients. Please !
 
About time. Left ABSA years ago
 
According to the Solidarity Movement, banking choices will in future be based on cost and service, and not traditional loyalty.
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I wonder what he (Kallie Kriel) drives, probably a Toyota Hilux or a VW Polo.....:erm:
 
Agree that absa sucks, closing my accounts with them over time.
 
trying to get the wife to move over to fnb like I did, ABSA is full of *** nowadays and she complains often.

This seems the only way to get through to these people and they have every right to do what they want with their investments.
 
I agree with their point about loyalty. It used to count for something when you needed a bond or something, but not any more.
 
Banks here have been screwing us for a while now, so a move like this is good for competition, and hopefully they get a real scare.

I for one will move from ABSA within the next few months, and I'm sure plenty will follow.
 
I'm thinking of moving away from Absa, they are busy screwing me!
 
I have been anti absa for a while now,left them years ago after lots and lots of headaches.They get away with to much,including the 'FM results out early' story.
ABSA can suck it
/shakes fist at Maria Ramos and her cronies

Rant over.
 
Banks are quick to forget that without customers, they would'nt exist. Most of us agree we are getting ripped off, We should all just shut our accounts and move to the cheapest bank....Capitec seems to have an excellent business model .
 
blunomore said:
I would also love to get my hands on that report re: the banking fees. In the same news bulletin, ABSA responded by saying they do not know where Solidarity got the info from to do their research and that they (ABSA) have lots of different options (in terms of costs) for clients. Please !
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Go to their website and click on news->latest reports;)
 
One of my best moves was moving from Absa to FNB last year. My wife is still with Absa and she has endless hassles. She'll be moving in a month or so too. Fusk Absa.
 
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