The African Bank credit card thread

[MB00]

Not sure if this is the right thread to ask about AB 7 day notice deposit.

I plan to use this to replace WcW, by swiping at AB branch to increase "spend" monthly...

Any feedback on how getting money back out of the notice account works? Can it be done online directly to any other bank's cheque account? How much does it cost?

 

[Speedster]

Not sure if this is the right thread to ask about AB 7 day notice deposit.

I plan to use this to replace WcW, by swiping at AB branch to increase "spend" monthly...

Any feedback on how getting money back out of the notice account works? Can it be done online directly to any other bank's cheque account? How much does it cost?

With the updated online banking it is really easy to withdraw the funds using the website. You do need to set up the account to which the funds go at a branch though. There is no fee

 

[ebrahim786]

Hypothetically on a 7 day notice account, would you have to request your funds on the 7th day or 8th day or how does it work? Thanks

 

[Speedster]

Hypothetically on a 7 day notice account, would you have to request your funds on the 7th day or 8th day or how does it work? Thanks

You request and 7 days later the transaction is made, which means it is in your cheque account 8 days later.

 

[ebrahim786]

You request and 7 days later the transaction is made, which means it is in your cheque account 8 days later.

Perfect, Thanks

 

[MB00]

With the updated online banking it is really easy to withdraw the funds using the website. You do need to set up the account to which the funds go at a branch though. There is no fee

Thanks! And there would be no limits preventing swiping for 20k and withdrawing for 20k right?

 

[Speedster]

Thanks! And there would be no limits preventing swiping for 20k and withdrawing for 20k right?

not that I am aware of. Except that you need to keep a minimum balance of R500 in the notice account

 

[Speedster]

Ok I decided to get the notice account set up. I will fund its initial amount via FNB. The future amounts how do I go about shifting from CC to this Account? Do I need to go to the branch to transfer from CC to NA? You also mentioned the withdrawal account will need to be added at the branch is this correct?

Correct yes. Walk into a branch to set up the withdrawal account, and swipe your card to transfer the funds

 

[Speedster]

Thanks! Just on the swipe your card to transfer funds. What do you tell them? I would like to transfer funds to my notice account via my ABCC? Im also assuming no fees in this regard?

Am I also corrrect I can just put the notice in online?

You just say you want to deposit funds in your investment account, although you can't use the AB card for that.

You can initiate the withdrawal online

 

[Zulfi]

You just say you want to deposit funds in your investment account, although you can't use the AB card for that.

You can initiate the withdrawal online

So you can use another CC to deposit into a NA.. But cannot use AB CC?

 

[Speedster]

So I'm assuming I can use my fnb cc, essentially creating the artificial spend this way? Any fees related to the deposit? Also assuming the limit would be determined by fnb so I could essentially transfer 40k if I wanted too?

You're assuming correct. No fees

 

[MB00]

So I'm assuming I can use my fnb cc, essentially creating the artificial spend this way? Any fees related to the deposit? Also assuming the limit would be determined by fnb so I could essentially transfer 40k if I wanted too?

I'm still nervous about doing big amounts like 40k or higher monthly ... When withdrawing that money from AB NA to fnb cheque, at what point does SARS see this as income to be taxed?

On the flip side, these large deposits should qualify the accounts for upgrade to private wealth and all the benefits that brings.

 

[zerocool2009]

I'm still nervous about doing big amounts like 40k or higher monthly ... When withdrawing that money from AB NA to fnb cheque, at what point does SARS see this as income to be taxed?

On the flip side, these large deposits should qualify the accounts for upgrade to private wealth and all the benefits that brings.

Are you going to make a fake IRP5 then ? dont think FNB is that stupid

 

[Tinuva]

Are you going to make a fake IRP5 then ? dont think FNB is that stupid

Actually know of people that got upgraded to pw because of extra deposits without irp5

 

[zerocool2009]

Actually know of people that got upgraded to pw because of extra deposits without irp5

Thats a perfect example why the bank is moving away from bank statements.

If you buy now a house, they need your irp5. Lets say you want a bond and say your father is giving you R20 000 a month, they will laugh (even if it has happened for 10 years) ... The bank see it that it can stop tomorrow

But great if your friends got through the loop hole, or rather should I say, FNB staff not doing their work

 

[Speedster]

Thats a perfect example why the bank is moving away from bank statements.

If you buy now a house, they need your irp5. Lets say you want a bond and say your father is giving you R20 000 a month, they will laugh (even if it has happened for 10 years) ... The bank see it that it can stop tomorrow

But great if your friends got through the loop hole, or rather should I say, FNB staff not doing their work

I have never been asked for an IRP5 by a bank

 

[HavocXphere]

You guys do realise that they'll catch on to manufactured spending right?

 

[zerocool2009]

You guys do realise that they'll catch on to manufactured spending right?

Wanna see a few guys moan next year june when the rules change again LOL !

 

[Tinuva]

Thats a perfect example why the bank is moving away from bank statements.

If you buy now a house, they need your irp5. Lets say you want a bond and say your father is giving you R20 000 a month, they will laugh (even if it has happened for 10 years) ... The bank see it that it can stop tomorrow

But great if your friends got through the loop hole, or rather should I say, FNB staff not doing their work

I understand the point, but its invalid. A salary can also stop tomorrow if you get fired or what not.

 

[Speedster]

You guys do realise that they'll catch on to manufactured spending right?

I don't think they mind. It makes no difference to them whether it's real spend or artificial - they earn the same whether I swipe to buy a car for R50k or to deposit it in a notice account.