Banks- blood sucking money grabbers

[Daniel Weston]

This matter has been resolved. I'm not really at liberty to discuss the outcome but let's just say that I have been pleasantly surprised with the outcome
My account will remain with them for a bit longer it seems

[Atjan]

My migration from Absa is incomplete still. I closed the CC on the phone but need to go into the branch (again?!) with my ID book to close the freakin' savings acc. And get my will out of safe keeping.

If the queue wasn't an hour I might have had this done by now....

[xrapidx]

I'm actually running two bank accounts now because I refuse to use their services, and I'm stuck with them because of interest rates - and I'm on a One account.

So now I pay R400 for an account I don't use.

And then FNB another R110 for an account I do use.

I can't wait for better interest rates.

[d0dja]

WTF!!! Was just checking bank statements, just noticed that the R50/month I give to NSRI on a debit order costs me another R25 in transaction fee!!!

WHAT BASTARDS. ABSA. YOU SUCK.

[Spuds]

WTF!!! Was just checking bank statements, just noticed that the R50/month I give to NSRI on a debit order costs me another R25 in transaction fee!!!

WHAT BASTARDS. ABSA. YOU SUCK.

+1

I just checked and they do the exact same thing to me. What a **** move ABSA...

[Spuds]

+1

I just checked and they do the exact same thing to me. What a **** move ABSA...

That's  not what I said... 

[undefined.za]

Well,

I am with Capitec. I am young, so the basic transactional debit account they provide is okay. I get charged R4.50 administration fees per month and that includes free internet banking (after a once off R125 activation fee). I pay R2.50 per debit order and R0.30 per notification SMS.

They also send me an SMS every month with both the TOTAL bank fees I have been charged, along with the interest I have received. The interest is almost always more than the bank charges.

I have quite a few debit orders against my account (vehicle finance, vehicle insurance, internet, rent, phones, credit card, etc etc) and my bank fees are never over R50!

Sure, they don't provide high level facilities like a cheque account or bank guaranteed cheques, but for what I need they are the best option.

I have my credit card through Virgin Money and I pay NOTHING for that... I have a debit order every month for the full amount due, so I never pay any account fees / interest.

... At least I'm not getting fucked by ABSA

[d0dja]

Unfortunately due to a pretty tough 2010 and 2011, I have some CC and overdraft with ABSA. Soon as it's gone, I am SO out of there.

This is the fees from my latest statement for my cheque account - R180/month "management fee" on a Platinum account -- after trawling through ABSA's website and my statements, and then phoning their contact centre, I discover I'm not paying R25 for the NSRI debit order.

My R180/month is unlimited included ATM withdrawals from ABSA ATM, unlimited POS purchases, debit orders etc... they show on the statement as fees taken, but they're not actually taken off (apparently - I'd need to sit and manually add it all up to confirm).

The most incredibly unintuitive fees and statements (as well as a formatting that wastes a staggering amount of space per page...).

[undefined.za]

Oh I forget,

With Capitec I get unlimited free debit purchases and can withdraw any amount from Checkers, PEP and Engen for R1... literally any amount.

[siphiwe]

Oh I forget,

With Capitec I get unlimited free debit purchases and can withdraw any amount from Checkers, PEP and Engen for R1... literally any amount.

It would seem Capitec now has critical mass and are about to start increasing fees.

Capitec aims for higher bank fee income

[d0dja]

Hmmm... the article doesn't say increasing fees, it says looking to increase non-lending earnings.

"Finance Director Andre du Plessis said Capitec would soon replace its Maestro debit card with a Master debit card that will allow online bookings and payments, which should boost non-lending earnings."

Please, Capitec, please don't follow the herd into raping your customers just because you can

[siphiwe]

Watch this space. They have this 40% target to meet by 2014 and I don't see it being achieved by a lonely Master debit card. Once they taste the smell of money without effort(non-interest income), it will be hard to let it go. I do hope for your sake and millions of others, that I'm wrong in my assessment.

[undefined.za]

eish.