What would you like from your bank?

[rfnel]

Hi Folks

I'm wondering, do you think that your banking experience can be improved? I know this is a very broad question, but I'm looking for broad answers. In terms of internet banking, mobile banking, branches, etc, what do you think can be improved or expanded? What about new services, products and ways of dealing with your bank? I'm not only talking about your personal banking experience, but about business banking as well.

I'm throwing this out there to see what I can learn. I've started working in a banking environment, and they're big on new ideas from their staff. And of course, the greatest ideas are the ones that satisfy the customer's needs and wants. Power to the people!

Thanks for your input.

Cheers,
Riaan

[IanF]

Riaan
I would like to be paid interest on my cheque account balance, you work hard to stay out of od then pay a fortune when you you go into od but no interest on your positive balance.

[Blurock]

Riaan, you have my sympathy mate. The banking environment has become very negative and demanding, but good luck. I hope you are in a division where you can develop your talent.

To answer your question;
1. I want a bank that I can trust. Charges should be fair and should not include hidden costs.

My current bank has invited me to register for "notify me" which is a free SMS service on the package that I have. I do not use my credit card as I get rewards on a Discovery card which is far better than the rewards offered by my bank. To qualify for their rewards system, you need to pay another R30 per month! Bah!
I had a small balance on my bank credit card as I once used the petrol card. The bank deducted the R4 or so and sent me an SMS - for which I had to pay. The following month they deducted the SMS fee and sent me another SMS!

My internet banking is supposed to be free, but I get charged 75c per month which nobody can explain.

Electronic bank statements are supposed to be free, but up till November I was charged R5.50 per month! I have not received a refund yet.

2. Pay me interest on credit balances. Why should I have a transaction account (*cheque account - we no longer use cheques) and a savings or money market account. There are costs and wasted time involved in transferring between the accounts. Why not combine this into one account? (my bank used to pay interest on credit balances and then decided to stop paying without informing their clients!)

3. Keep me informed of new products and services by e-mail or other communication. DO NOT phone me and waste my time on useless promotions.

4. Do not assign a banker to me and then expect me to go and stand in the enquiries queue. My banker should know and understand my business and be proactive in suggesting alternative services or products. By assisting me to grow my business, you will be rewarded by earning more fee income, short term insurance, investment products and asset finance. If you keep me and my staff happy, you may also open our private accounts with everything that goes with it.

5. Stop selling and start supporting!

I hope this helps. ( I am now in the process of switching my private account to a bank where I will pay 50% of what I currently pay on my private account).

[wynn]

I have only heard of one bank that notifies you if there are insufficient funds to meet stoporders and gives you a grace period to top up funds to meet stoporders.

[Citizen X]

Riaan, I would appreciate it if all banks could open for business at 8:30 am everyday.

[tec0]

Working ATMs… Just 1 single working ATM would be an absolute improvement.

[murdock]

i am with wyn on this one...as it has happened again today...my debit orders ran yesterday and the money from my customer only cleared in my account this morning...even though it was in the account yesterday already...because it is from a diffrent bank...the payment from my custormer was already done on the weekend....so that little one day episode will end up costing me a couple hundred rand in fees...return fees R115 each...plus transfer fees and now again payment fees...so the bank makes a small fortune out of me.

[Petrichor]

Increase the type of transactions that can be done through internet banking. i.e chaging pins, reporting lost cards, ordering new cards, applying for loans / overdrafts etc...

[Mike C]

I would like free Internet Banking (including transactions) - it actually frees up their tellers and does most of the work for them - you use your own equipment and service provider, so I don't see why they have to charge for this as well.

One of the things that really bugs me is when you are cashing a relatively large cheque and the bank tells you that you have to phone ahead, because they don't have the money.

I know that they don't want to keep too many millions in cash in case of robberies ... but really - they don't have R22,000 to hand ????

[Citizen X]

Queues! The making adequates profits, they should ensure that there are sufficient tellers especially when the manager can see that the queue is very long. In such a case the manager should himself/herself get behind the counter and assist clients.

[Blurock]

Do not devise devious schemes to steal your customer's money. Hidden costs is a major bugbear for me.

Examples:
1. Standard Bank and FNB charging cheque DEPOSIT fees!!!! Come on - since when is it a cost to the bank to accept a cheque deposit? The drawer pays the fees, not the recipient.

2. Absa encourages you to use their "Notify Me" facility so that you can keep track of activity on your linked accounts. This is all free, but the credit card notifications are not free. (Read the fine print so that your bank does not get away with unjustifiable, unnecessary charges)

I agree to pay for services or products as long as the fee can be justified. E.g. a cash deposit fee as the bank has to incur cost for keeping and transporting money. I DO NOT want to pay for any schemes devised by McKinsey or any other consultants just to generate revenue and not add value.

We should investigate bank charges and fees more thoroughly and see where these charges are in conflict with the Consumer Protection Act.