The Standard Bank inflationary effect

[supersunbird]

I sent this mail to Bruce Whitfield at 702 after they discussed a report that "one particular bank"s fees have increased CPI that was released today. Obviously it must be Standard Bank.

News on report:
http://www.fin24.com/articles/default/display_article.aspx?Nav=ns&ArticleID=1518-25_2475955

Hi Bruce,

If Standard Bank told you their prices/fees haven't increased, they were lying. They increased them on the first of January. On SB savings account:

- To do a Internet banking transfer is now R5.85, up from R5.35 (~9%)
- Debit card swiping is now R2.15, up from R2 (~8%)
- Drawing R500 from a SB ATM is R7.65, up from fixed R5.35 (~35%)
- Drawing R1400 from a SB ATM is R16, up from fixed R5.35 (~300%)

As you can see some of these fees are quite inflationary.

I am moving over to Capitec and will save R100s a month in banking fees (at least a full tank of petrol). All my debit orders will be from my Capitec account at the start of March and I'll close my Standand Bank account in April one everythign is moved over.

Regards,

(my name)

He actually read my figures out on air... YAY!!!

Standard Bank can kiss my butt.

 

[Turbo_Aspiration]

How did you come to the conclusion that it must be Standard Bank?

Edit: Are they the only bank that increases rates at the beginning of the year?

 

[supersunbird]

They and FNB increased prices in Jan. ABSA did theirs in September if my information is correct and Nedbank is doing theirs in March.

I don't think FNB would increase that much since they are the "cheaper" bank.

Now look, it boils down those new variable ATM fees of Standard Bank that can easily escalate to 300 or even more percent effective increases.

 

[The_Unbeliever]

Bravo! @ SSB

Hope a lot of people heard the message and will move away from SB.

Typical Africa Economics 101 - increase your fees, then deny you've increased it.

I'm getting gautvol of this wallet-raping by the big greedy fat cats.

 

[Other Pineapple Smurf]

Well I'm with SB and I will check my ATM fees next time, moving anyway to CAPITEC soon. My neighbors (pensioners) moved over a year ago and can only say what a relief it was for them to save a fortune on bank fees.
I respect any bank, actually any institution, that goes against the South Africa business grain of skrewing us over.

 

[Turbo_Aspiration]

I have a flat rate package with standard bank and use their Internet Banking 95% of the time so my bank fee is not that bad. I also have a Capitec account and I must say they have a pretty good savings account (haven't tired any other product) - especially coupled with their internet banking. It's not that great but does the job.

On a side note, standard bank has a fees calculator and might save you some cash by recommending a good package for you - https://www.sbvafinternet.standardbank.co.za/BankingFeesCalculator/

 

[Peder]

i like what i see... i am seriously thinking of opening a capitec card... think its gonna be my 18th birthday present to myself...

 

[Turbo_Aspiration]

Capitec tip: get your internet banking set up when you go open your account. Otherwise you'll have to go back to activate IB and get your security dongle.

I haven't been to a branch since I set up IB.

 

[Nerfherder]

I'll just laugh when all these little dinky banks fold in the next year or so....

 

[supersunbird]

I have a flat rate package with standard bank and use their Internet Banking 95% of the time so my bank fee is not that bad. I also have a Capitec account and I must say they have a pretty good savings account (haven't tired any other product) - especially coupled with their internet banking. It's not that great but does the job.

On a side note, standard bank has a fees calculator and might save you some cash by recommending a good package for you - https://www.sbvafinternet.standardbank.co.za/BankingFeesCalculator/

Yoh! WTF? That calculator is basically useless to me. How should l as a layperson know which of those accounts to even begin looking at, sometimes you can have too much choice... Worse is, when you change the account type all the info entered disappears and you have to type everything again. making comparing just a schlep. But thanks for trying though.

I don't even know the difference between a current and transaction account.

 

[Sackboy]

The wickedest thing is that they will not tell you the fees have gone up. You have to go into a branch and pick up a leaflet to see it.

 

[Sackboy]

Capitec tip: get your internet banking set up when you go open your account. Otherwise you'll have to go back to activate IB and get your security dongle.

I haven't been to a branch since I set up IB.

Do you print your own money?

 

[CathJ]

The wickedest thing is that they will not tell you the fees have gone up. You have to go into a branch and pick up a leaflet to see it.

Depends on the account type - if you get statements posted to you monthly, like for a current account, they do send you the new leaflet.

And the new prices are up on the website- I guess they assume everyone will know to look I know in previous years they had a message displaying on atms saying that fees had increased, but I didn't notice that this year.

 

[Sackboy]

Depends on the account type - if you get statements posted to you monthly, like for a current account, they do send you the new leaflet.

And the new prices are up on the website- I guess they assume everyone will know to look I know in previous years they had a message displaying on atms saying that fees had increased, but I didn't notice that this year.

I've been with ABSA and FNB and now Standard. None send statements, leaflets or anything to your home address. Did you specifically ask for them?

 

[DJ...]

I've been with ABSA and FNB and now Standard. None send statements, leaflets or anything to your home address. Did you specifically ask for them?

I get them every month, never had to ask them...

 

[N1sh]

Far as I know their charges haven't increased but will check tomorrow. IMO bank charges in general are very high.

Better to hide your cash under the matress

 

[CathJ]

SB sends them automatically for current accounts, marketlink accounts, and of course credit cards. They don't send them for eplan, plusplan, or puresave.

 

[Turbo_Aspiration]

Yoh! WTF? That calculator is basically useless to me. How should l as a layperson know which of those accounts to even begin looking at, sometimes you can have too much choice... Worse is, when you change the account type all the info entered disappears and you have to type everything again. making comparing just a schlep. But thanks for trying though.

I don't even know the difference between a current and transaction account.

I feel your pain. They tried though.. think it was just to satisfy regulations.

Do you print your own money?

he he ATMs and I hardly use cash. Prefer not to carry anything on me that I'd regret losing.

Far as I know their charges haven't increased but will check tomorrow. IMO bank charges in general are very high.

Better to hide your cash under the matress

They definitely increased (on average) on 1 Jan

 

[The_Unbeliever]

I'll just laugh when all these little dinky banks fold in the next year or so....

FYI Wizzit doesn't give out credit so the possibility of it folding is very low.

Capitec also won't fold that easy due to the stringent credit laws and requirements.

 

[The_Unbeliever]

Also, keep in mind Big Banks sponsor sports events, and they give out credit etc, so the chances of one of them burping in this financial climate is quite high...