banking ethics

[ians]

I had to laugh today, i applied for a credit card with a " R1000 limit " and a saving account for my bussiness ( sole prop) so that i can reduce my eft daily costs and pay my vat turnover every month into the savings account as i mentioned in another thread.

In the mean time i get a call from a "standard bank call centre" for the online request I sent, all my personal details are given over the phone, and a personal account is opened, now here is the joke, while answering all the questions and giving all my details a message comes thru on my cell to indicate that the credit card for the bussiness is declined due to my bad credit rating.

Now here is the joke, while the credit card has just been declined, in the same breath from the same bank i am offered and approved a R25000 overdraft facilty and a R20 000 credit card and R400 000 pre approved vehicle finance and R500 000 home loan......eeeeeish. What can i say, i am confused.

Here is the other trick i call back the number from which i received the call to open all these accounts and the number "doesnt exsist", I then call the toll free number for the bank and am told that you cannot call the call centre number and gave me another number, which i called to verify the person works at the call centre and that they did in fact contact me and open all these other accounts. What a mission.

[Blurock]

Banks and their call centres paint by numbers. No logic no brains applied.

Why do you pay for EFT's? That should be a free service from your bank because you save them time and money. An EFT does not require a teller, a building to house the teller, paper and printers for cheques etc etc. What a rip off!!

[ians]

To give you an idea here is what it cost me this morning to do a couple of efts from Standard Bank to my suppliers.

R1600 - eft charge R16.43
R1000 - R12.00
R3000 - R 18.00
R549.00 - R8.71
R420.00 - R7.77

total cost for 5 efts today R62.91, so on average it cost me about R1300 per month just to do efts.

So i applied for a credit card today and they rejected the application

They say my credit rating is low, but all the other stuff i posted was approved today, including a credit card for my new personal account with a R20 000 credit limit. All i asked for was a R2000 credit limit for my bussines account and i am a sole proprietor, go figue, there must be something i dont know about fees or interest rates or something i am missing.

The biggest joke is the pre approved finance for the R400 000 HP for the vehicle, i told them i cant afford a R 400 000 vehicle, but was told it is there if i change my mind.

if you want to see Standard bank fees and charges online just go to your account - history - 30 days enter and all the charges per item are displayed.

[SSS100]

Hi Ian,
Change the pricing option you are on, it seems you are what is called " pay as you transact" option
Move or change to "bundled or plus" option, you have a fixed pricing on those options..depending what your bank calls it

[ians]

It is a bussiness cheque account, i spoke to the bussiness bank manager again today about it and was advised that there is no other cheaper options, thats why i opened the R99 per month account and as a sole proprietor will trade in my personal capacity to reduce fees and use the credit card from this account to do my payment then just give it to the accountant to figue out.

[ians]

When someone asked why they dont extend the hours at the bank to accomadate the long ques, the bank manager indicated that they dont have the funds to do that...mmm

[Darkangelyaya]

It is common knowledge that Std Bank is one of the most expensive banks in SA. They treated me like dirt, after being a very loyal customer for many years, having all of my bonds, business acc's, credit cards with them. I never paid less than R800 in bank fees.
I have since opened a Capitec acc, with a linked savings account in my business name (cc). I have another linked savings acc there where I transfer the VAT to, off the top.
None of my clients (some local councils) have ever had a problem paying into this account.
Their internet banking is efficient, easy and to the point.
I have never, even with loads of efts and cash withdrawals, paid more than R130 per month.

[Citizen X]

It is common knowledge that Std Bank is one of the most expensive banks in SA. They treated me like dirt, after being a very loyal customer for many years, having all of my bonds, business acc's, credit cards with them. I never paid less than R800 in bank fees.
I

It is for this reason that I have no sympathy for banks. They don't take into account how much they made off you over the years. Their customer service is not genuine but rehearsed. In my opinion they couldn't care the less about us. I can tell that you were a loyal client for many years i.e. business account, bond, car, credit card etc. I’m confident that you allowed them to make a big profit so it’s dispiriting to hear that they treated you as my fellow South African unkindly. I’m not impressed with them anyway, I’m more unimpressed now!

[Blurock]

To give you an idea here is what it cost me this morning to do a couple of efts from Standard Bank to my suppliers.

R1600 - eft charge R16.43
R1000 - R12.00
R3000 - R 18.00
R549.00 - R8.71
R420.00 - R7.77

total cost for 5 efts today R62.91, so on average it cost me about R1300 per month just to do efts.

So why are you still with Standard bank? They are the most expensive. There are many options out there. I can guarantee that you can cut your bank fees by 50%. I am even prepared to arrange it for you. We can split the savings over 12 months between us.

[ians]

Like most people we dont like change and are weary of change, i believe this is the only thing keeping Standard bank in bussiness at this point in time. If i knew where i am going, is going to offer the same service at half the price i would have changed years ago. How do you think most companies in this country survive, the service in most companies are shocking yet people just keep going back.

I do believe it is time to move, i went to FNB and tried to open an account the que was almost out the door, to find someone just to ask a question also proved to be a mission, so i went back to
Standard bank waited for the the bussiness banker, who told i must open the account online, which I tried, 5 days later a consultant from Standrd bank called me from a call centre and indicated that you cannot open a bussiness account online, you have to go to the branch, so i called the bussiness bank manager at the Westvile branch this time and explained my situation, she indicated that she would personally make sure that the documentation was filled out and i would just need to go in and sign once it was ready.

The problem, like cellphone companies, they dont need to offer customer service, bussiness is booming they are making billions of rands a couple complaining customers can go somewhere else if they dont like it, there are plenty more where you come from who will just grin and bear it, or sit and compalin about it but do nothing.

Maybe it is time to swing by Capitec.

[wynn]

I opened an 'EFFINB' personal cheque card account, R99 PM no further charges unless I draw cash from another bank ATM.
I even charge items as low as R12 for free.
Obviously it is like a debit card where you have to have funds available but they will negotiate an overdraft if you want which I didn't.

I now transfer funds from my business acc via eft which is a lot cheaper than paying the client direct then I pay suppliers from my 'EFFINB' cheque card which costs nothing but t the same time I earn 'e-bucks'

System suits me until they change the playing field again.

[Darkangelyaya]

Maybe it is time to swing by Capitec.

Just try them, honestly, the times of your business having 'credibility' because you are banking with a 'reputable' banking institution, are long gone.

Obviously, Capitec doesn't offer business accounts per se, but, like I said, they really don't care what you name the other savings accounts.
They also offer a Mastercard-backed debit card, which means you can do online purchases too. And they offer almost instant loans, so if you build up a relationship with them, I'm sure you can have access to whatever credit you may need.

The business of banking is extremely competitive, and you will see that they will come to you, if you ever need vehicle finance or bonds. Anyway, Capitec is in the process of expanding in that direction too, last I heard. (Yes, it's a savings account; but honestly, who really uses cheques anymore - except for one IQ challenged client of mine who always 'forgets' to draw cash when I deliver firewood).

[Blurock]

No business matters should be conducted at a branch any more. A banking branch is really just a manual ATM. Do you still use cheques? What? Do you still stand in queues? What???!

We live in the space age now. Convenience is what makes one business stand out above another. The same applies to banks. If a bank is not willing to come to you to open an account and switch the debit orders, they are not worth dealing with.
Deal only with the business bankers for business (they are not all clued up, but its better than standing in a queue).

[ians]

Clearly you dont bank at Standard Bank.


That was going to be my next question, as a sole proprietor, do i have to have a bussiness bank account, why cant i have a bank account in my personal name? I was told by the bussiness banker that i cannot run my bussiness through a personal cheque account, i dont believe it, but maybe some of our more educated tax consultant and legal people can advise us a little better. I dont have a personal account and do everything through my bussiness account maybe it is time to change it and save tons of money.

[Darkangelyaya]

Clearly you dont bank at Standard Bank.


That was going to be my next question, as a sole proprietor, do i have to have a bussiness bank account, why cant i have a bank account in my personal name? I was told by the bussiness banker that i cannot run my bussiness through a personal cheque account, i dont believe it, but maybe some of our more educated tax consultant and legal people can advise us a little better. I dont have a personal account and do everything through my bussiness account maybe it is time to change it and save tons of money.

There is no reason why you HAVE to have a business account. Using one account for everything just make bookkeeping a bit more of a challenge, but then you've been doing that anyway, right?
Hence my firm belief in Capitec. If you want to keep finances more separate, then open savings in your name, and linked savings in 'your business' name.
I have income from private healing sessions etc, that I don't charge VAT on, and that gets put into my personal account, and declared as cash income to SARS.