standard bank again

[murdock]

you got love the way the banks make money...i decide to move my date of payment from the first to the 7 of each month
i thought it would just be a matter of notifying them...not so easy...i get the new installment R50 per month extra i have to pay.
so i pay on the 7 th eft from standard bank cheque account...the 8 th i get a call from vehicle and assest finance...my installament is over due with charges and they insists i must go onto a debit order
they cancealed the debit order because of 2 returns early last year...so i have been doing eft ever since then but i always pay between the 1 and 7th of the month...the bank sends me a warning letter because of late payments...and i get calls from the 2 nd of the month.

so i notify them in writing to move the date od payment to the 7th...they send me my new installment which is R50 per month more than i was paying before

yesterday i get a call to notify me my account is in the arrears and will be be charged for late payment...i am told that it takes a couple of days for a standard bank payment to standard bank to reflect.

they say i must make sure the payment is done by the 3 rd of every month....what a F^&*&*^% cheek...so now i must move it to the 9th and be charged additonal costs and fee.

iknow you are gona say WTF are you still doing with standard bank...everyone i speak to say all the banks are the same so where do you go...start my own bank?

hopefully our mate julius will nationalise the banks when he gets into power.

[BusFact]

hopefully our mate julius will nationalise the banks when he gets into power.

Eish, don't say that! It will be like dealing with home affairs or Telkom. It can always get worse.

I am equally apalled that Standard take several days to do a transfer to themselves. Thats just incompetent.

Changing banks won't help. They are all the same. Only solution is to stay out of debt.

[tec0]

Notify them that you are planning on moving banks. State your reasons on the documents provided. I know ABSA is not much better but for some reason I think you might be happy knowing that you gave Standard bank the mighty finger.

Changing banks is a very painful process so do it right, go to the banks you are interested in and talk to the managers, get stuff “facts� in writing and do the deed. Good luck...

[Adiel]

Fellow users ... the best advise to get from the Bank is to go into the bank and sit down with your personal banker . If you earn over R20k ... a prestige banker will be allocated to you. this person will advise you on what is expected of you ... All the banks have the same or simillar criteria ,however you have to make time to visit the branch you bank with so they may assist ... best advice is to visit the branches in the suburbs as their training to handle queries are more advanced and will sort you within the hour .

[Dave A]

Being on the wrong side of the cash flow bubble is just the pits

[murdock]

i owed sars some money so instead of paying them i purchased a vehicle on hp...havent had hp since...1999...should have kept it that way...have already paid off almost R100 000 on the vehicle and still own them over a R100 000
i noemally pay cash for my vehicles.

i reduced my overdraft to a small amount and had to use it to carry R2000 a customer was slow paying me at the end of the month...it still blows my mind that i can have over R100 000 in my account and not get a penny for it but go R2000 into the overdraft and you get nailed interest...

i need to look at opening an account that pays me interest on my positive amount...which are way higher than the negatives nowadays so that even if i do use the overdaft i still come out square because of the interest on the positive amount...

like my credit card i dont pay any interest anymore because it is in the positive but ipay a month fee to have the account...i heard virgin money dredit card you dont pay any fees...

[murdock]

Being on the wrong side of the cash flow bubble is just the pits

yep i can see you are doing something right always on holiday....how was the holiday...i wondered why it was so quiet

[Dave A]

i can see you are doing something right

Some careful juggling helps, but don't be fooled - more zeros on the income means more zeros on the problems too. Things still get tight at times.

how was the holiday...

Actually it was mostly working and eating. However, a strike by France's air traffic controllers led to a missed connection coming home, so I got a one day holiday thrown into the deal courtesy of Swiss Air. What a bummer getting stuck an extra night and day in Barcelona

[derekjay]

My experience with Standard Bank is that the "threat of moving" usually gets some sort of response. They are also fairly quick to respond to hello peter comments, as these are directed to someone whose job it is to correct the problems.

[murdock]

my goal is to find a bank account which doesnt charge me transcation fees...pays me interest on my money when in the positive...no monthly service fee and low interest on overdrawn amounts...as soon as i do i will move everything...bonds...vehicles...cheque acocounts bussiness accounts you name it...but speaking to people in general...sounds like i have more of chance of making my wife pregnant again than finding a bank who looks after their customers

[BusFact]

my goal is to find a bank account which doesnt charge me transcation fees...pays me interest on my money when in the positive...no monthly service fee and low interest on overdrawn amounts...

Phew, thats quite demanding. They may struggle to stay in business with that set up.

[murdock]

apparently virgin money have a credit card which you dont pay any fees.

[Dave A]

Phew, thats quite demanding. They may struggle to stay in business with that set up.

Well, it's the way banks used to make their money.

[BusFact]

Well, it's the way banks used to make their money.

True. Almost. I believe they should make their money on the mark up they make between the interest thay have to pay their savings customers and the interest they can charge borrowers.

Charging customers to use their own money doesn't sit well with me.

The big difference is that murdock wants zero transaction fees and low interest. "low" is relative, but with that model we may have have to expect slightly higher borrowing interest rates.

[murdock]

banks dont need to make money on interest they make enough on service fees...returned debit orders R115 each...cash withdrawls etc etc etc etc etc

notice all the new pretty bank buildings...they getting as bad a s the life insurance companies.