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Thread: 2x bank accounts. Should I close one?

  1. #11
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    I have just closed all my Standard Bank accounts as their fees are just daylight robbery! I now have an FNB account for business and a Capitec account for my personal banking. Our business account bank fee ranges between R55 - R100 per month depending on transactions. Capitec have a minimum monthly account fee of R4.50, free internet banking a free swipes on your card. Their transaction fees for debit orders, etc are much lower than other banks - believe me I checked! So far I'm very happy with this set up.

  2. #12
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    If you can, my suggestion would be to increase your 2 accounts to 3. Two for the business, at different banks. One for yourself personally. Also at a different bank.

    • I've had dozens of clients have much the same problem:
    • Bank decides to cancel overdraft, for any one of a bunch of reasons.
    • Bank doesn't advise client until month-end.
    • At month-end, Clyde pumps up the bank account to pay monthend bills.
    • Bank cancels overdraft on last day, because deposits have phoned up the account, so bank has less risk.
    • All cheques bounce over the next week.
    • Now that the client has bounced checks on record, no other bank will touch him (or her).
    • That means, effectively, the client can no longer operate.



    Contrast the above with having two business accounts. The moment one bank stops behaving, you can easily stop using them because you have another one lined up and ready to go.

    This small-business thing is not just about making money. I think it's about protecting yourself from predatory behaviour from the institutions.
    Last edited by Dave A; 26-Nov-12 at 03:32 PM. Reason: per user correction notice

  3. #13
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    I use the capitec for personal and use one of the accounts as business. You can give it your business name and it has a separate account number - so you can send/receive money on it as well as debt orders BUT all POS purchases come of the main account.

    I also have an FNB account for the overdraft and use it's card for petrol purchases.

  4. #14
    Diamond Member Blurock's Avatar
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    Quote Originally Posted by wynn View Post
    Get an FNB gold personal debit card account for R97 PM and you get full on as many as you like free swipes, even for a cup of coffee, the only expense is when you draw cash from another bank's ATM, you can have a credit facility for free (no availability charge) and you only pay if you use it
    I am not sure what the Business cheque card costs but I am sure it is pretty much the same.
    The business cheque card is free. Pays for coffee, business expenses, petrol (no garage card for me, thanks) but does not pay for tolls (due to PIN required) and also gives you e-Bucks. You also get a rebate on your petrol spend* (terms apply).
    Excellence is not a skill; its an attitude...

  5. #15
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    WHATEVER you do, just don't ever consider Standard Bank!
    The handful of people who work there showing some integrity really do not make up for the greed and absolute incompetence of the rest, and the company as a whole!
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  6. #16
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    I am a HUGE fan of Capitec. Not only are their banking charges ridiculously low, but you earn interest on a current account ie your everyday transactional account! Interest that most 32 day accounts will never give you. At the moment I am paying R4 account per month, I earn 5% interest on my balance, calculated daily, compounded monthly.

    I remember about 2 years ago our boss paid our salaries in 1 day too late. It cost me R4 per debit order sent back, but my colleagues at FNB paid up to R120 EACH!!

    Futhermore, you don't pay when swiping your card at a card machine. Oh, and your minimum required balance: R25 only!

    As far as internet banking is concerned - you pay R120 (plus minus) for the remote to log in, and from there on only transfer fees of R1.50 per transaction. No monthly subscription or anything like that.

    I moved over from ABSA where I earned 0% interest on a savings account (previously 0.20%, yippee), paid up to R200 per month in banking charges, and had to pay internet subscription!

    I really think that for your personal usage, Capitec is the best way to go. Try it out as a savings account at first, you will agree with me in time!
    Last edited by dellatjie; 11-Dec-12 at 01:18 PM. Reason: Spelling

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    Blurock (12-Dec-12), Dave A (12-Dec-12)

  8. #17
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    Capitec doesn't offer cheque accounts.

    So I walk into FNB, enquire about the R59 p/m Business Cheque Account and BAM. Switched over. Stupid FNB lady a few months back told me no there's only one option that's R179 p/m odd.

    Idiot.

  9. #18
    Diamond Member Blurock's Avatar
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    Quote Originally Posted by Perform Computers View Post
    Capitec doesn't offer cheque accounts.

    So I walk into FNB, enquire about the R59 p/m Business Cheque Account and BAM. Switched over. Stupid FNB lady a few months back told me no there's only one option that's R179 p/m odd.

    Idiot.

    One should realise that most employees on lower levels act like robots. Banks Post Office, shops etc. They don't think, they don't apply their minds and they are not interested in their jobs, just the pay cheque at the end of the month. If you want information, visit the web site, read the brochures and then talk to a more senior person.
    Excellence is not a skill; its an attitude...

  10. Thank given for this post:

    Perform Computers (25-Jul-13), wynn (25-Jul-13)

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