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Thread: Bank charges on personal cheque accounts

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    Site Caretaker Dave A's Avatar
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    Bank charges on personal cheque accounts

    Not quite business finance, I know - but probably the best place to ask the question.

    What are you paying for bank charges on your personal cheque account?

    I ask because I've just been approached by Nedbank to open an "Everyday Account." Quite a deal. R85.00 per month gets a whole lot of free banking, including:
    • 1 free cash deposit a month
    • 4 free ATM cash withdrawals a month
    • no debit order or stop order processing fees
    • all internet banking payments free

    and more besides.

    I don't normally pay too much attention to what I'm paying on my Standard personal account because to my mind it does not add up to too much. But the request prompted me to look - an average of about R145.00 per month.

    It might be worth the trouble to move. But I'm now wondering what else is out there.
    The trouble with opportunity is it normally comes dressed up as work.

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    Have you checked out http://www.thinkmoney.co.za/ ?

    I've seen a few places I can save on, but I don't ever get round to changing. Personally I think most places charge the same amount for any specific service, they just have different "admin" type fees to hide some of the charges.

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    just me duncan drennan's Avatar
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    On my personal cheque account an average of about R130.00 (STD). My wife is with Absa and the total there is about R235.00 (R135.00 for monthly fees, and a varying fee for internet banking) - although this is her business account too.

    The internet banking fee with Absa is what kills me though - they even charge you to look at your statements!
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    Quote Originally Posted by duncan drennan View Post
    The internet banking fee with Absa is what kills me though - they even charge you to look at your statements!
    That's one of the reasons I switched to Standard Bank. I get everything in one package for about R150pm.

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    Site Caretaker Dave A's Avatar
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    Hmm. Interesting site. It's a pity you can't compare packages that turn up on different pages

    For starters, it looks like I should go onto the Achiever fixed monthly package. That would work out at R120 per month.

    There is no doubt I'd be saving using the Nedbank offer. But I was thinking - there is more to this than meets the eye - like my account scoring. It's going to take time to build up that kind of credibility on a new account.
    The trouble with opportunity is it normally comes dressed up as work.

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    Quote Originally Posted by Dave A View Post
    But I was thinking - there is more to this than meets the eye - like my account scoring. It's going to take time to build up that kind of credibility on a new account.
    If you have a good record with your bank, tell them you are considering better offers. 9/10 times they will try and assist you (except if you bank with ABSA). If they don't, you wont lose anything by taking your business elsewhere.

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    Site Caretaker Dave A's Avatar
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    Standard Bank is not known for being that flexible on their fee packages. Interest rates maybe - but fees?
    The trouble with opportunity is it normally comes dressed up as work.

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    Silver Member Graeme's Avatar
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    Free Banking

    For about the last 10 years I have enjoyed free banking with my cheque account with Standard Bank - its called a "Consolidator" account. The deal is that as long as you maintain a prescribed minimum balance you get free banking (it really is free - no strings attached). The amount of cheques you may write depends on the size of the minimum balance you had during the month. You may pick up a brochure at any Standard Bank branch.

    I am not necessarily a buddy of Standard Bank but I have to admire them for this service. One thing though - I did not ask them for this, they invited me to have it, so I dont know if just anyone may cruise in and demand one. When they offered it to me I had already had a current account with them for many years.

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    just me duncan drennan's Avatar
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    Most of the banks (all?) have a rebate option where you get a fixed amount of your fees refunded if you keep a minimum balance (have a look at STD's transactional account fees).

    The rebate is essentially tax free interest, so if you don't have debt or an investment account yielding a higher effective interest rate after tax, it is a viable option. The Consolidator option is only for over 60's.
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    Silver Member Graeme's Avatar
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    Consolidator Account

    You may have to be over 60 to get a consolidator account nowadays, but when I got mine I was 55 yrs old.

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