standard bank

[murdock]

i have had my bussiness account with standard bank for more than 7 years now and finally i managed to slip up... my account went overdrawn by R189.00...what i found a bit rude was the R85.00 it cost me...the joke of the matter is that i transered the money from my one standard bank bussiness account to the other standard bank bussiness account on the 1/09/2008 but it only reflected the following day for some reason...when i contacted the bank and asked what they plan on doing about it...they just said it is a standard fee and if i could prove i paid on the 1/09/2008 they would see what they can do to refund the R85.00...now i am told that they cannot refund the amount even though i have aprint out with the date of transfer...now i can see why the banks are situated in such upmarket buildings...by ripping the ass right out of the customer in fees...i know you gona say whats R85 well all my bank charger service fees interest etc etc etc all start adding up and just another R85 takes it over R1000 in a month...the bank is worse than the receiver because they just take the money.

i stopped drawing cash from atms because of the fee but now i see the mastro card fee is just becoming a huge expense in my bussiness so it looks like i will be going back to drawing cash and using the petty cash tin again.

[Dave A]

The major banks are pretty much all the same, just the amount of the penalty differs

Did you do the transfer after 7.00 pm in the evening? If I recall correctly, transactions after 7.00 pm roll into the next day.

[murdock]

no when i got in i noticed a payment from a customer had not been done as promised (sound familiar) so i did the transfer at 8 pm...what concerns me is the cost of R85.00 for going over by R189.00...gee what happens to those people who it goes over by R10000.00?

what happens if you a big company who deals in millions a small hitch like this could cost a few bob...but then i suppose it wouldnt bother you because you probably have such a huge tax problem that a thing like this would just maean you pay less tax.

[Dave A]

Probably costs the same penalty fee.

It's also worth bearing in mind the bank has the option to decline payments over limit...
An R85.00 penalty is irritating, I know. But bounced payments, even worse I reckon.

Take a slap on the hand and don't put yourself in that situation again. Pretty tough at times I know. But in this case if you couldn't have slowed down the payment that put you over, you could have shunted the money to cover, then pulled it back again once the client's payment showed. Personally, I never rely on the payment having being made until it shows in the account - no matter how trustworthy the client.

Juggling - just one of those skills business folk need to master.

It's probably little comfort, but I think bigger businesses face the same challenge in keeping within limits from time to time. There's just more zeros involved.

[Dave A]

That last post probably sounded rather unsympathetic

I hear where you're coming from, Murdock. Try getting hit by that penalty for going over by R1.04. It happened to me years ago. I swore blind it would never happen again, and it never has.

The power of channeling the anger in a direction that makes a difference.

[murdock]

what gets me even more...because whats R189.00 to us...it the principle...what about the poor fella who has to pay R25.00 at the teller to draw R10.00 because that is all he has left and there is a problem with the machine outside...he cant just get in a vehicle and drive to another ATM like we can...this is my problem in bussiness...i dont think like a bussiness sometimes i use my heart instead of my bussiness principle...when it comes to bussiness especially with big bussiness you just a number generating income for share holders...or profits for directors...you are just the difference between the wife driving an X5 or new range rover.

[Morticia]

And all other banks for that matter!!

I totally agree with Murdock!!

We are being ripped off with bank charges in South Africa. I deal with foreigners working in South Africa on a daily basis and have yet to come accross one who doesn't complain about the ridiculous bank charges.

But we've compained ad nauseam about this issue and the banks just ignore us - after all, it's not as if we can really stop using them???

[wynn]

If one used a foreign bank, would the exchange rate outweigh the local bank charges?

[Dave A]

I'm trying to wrap my head around that a bit.

Are you suggesting we just transact in an off-shore currency at an off-shore bank?

[Morticia]

Wishful thinking - SA Reserve Bank bloodhounds will be on to you in no time.....

[murdock]

in this country...you just take whats shoved at you...cr*p service...high rates...service fees...a petrol price which is below the 100 yet we still paying a price at the old 150 mark...just spend your day complaining because nothings gona change...if anything its only gona get worse.

watching the news this morning the youth league fool is just making me worried with his terrorist type talk "we will take what ever we want and if anyone gets in our way" and as for zuma well if he doesnt go to court he will prove that he is no longer inocent until proven guilty...hes just guilty...clearly the anc are loosing focus on their core objective...thats why they are having internal battles.

[murdock]

i have just heard zuma will not go to trial... looks like the NPA has just been wasting our tax money again...or is there more to this story that we are not being told.

[Morticia]

JZ

Yip, he's 'free man walking'. Proof yet again that nowadays in SA you can get away with all and any crimes, including murder, but heavens forbid you do not pay your TV licence!!

[wynn]

Yes,
I was thinking if you had a legal overseas account, (which I have heard are cheaper by a long way than locally) and to which you sent your cash 'legally' assuming you earned the cash here.
Then if you used their credit card to transact here.
Would the foreign exchange duties outweigh the savings on local bank charges?

By legally I assume it is legal to incorporate a trust in certain foreign countries.
This trust can own the bank account.
You 'work for' that trust remitting all the earnings to 'Head Office'
They in turn pay you 100% commission, less the expenses they incur, which you can spend here using the credit card they provide you with.

[Dave A]

Trying hard to get this back on topic, Wynn?

I don't see a problem spending the money with an offshore credit card. The PITA might be getting payments into it for most businesses. And not all suppliers take credit cards.