banking ethics

[Dave A]

I think Standard Bank is starting to take notice of their client defections to other banks. A couple of months ago I got a call offering a bundled deal on my personal banking products which was a pretty good deal all told. When I asked why the sudden interest in saving me money, the answer was they didn't want me to be tempted to go elsewhere.

Once all the changes were sorted (the deal affected 4 personal banking products I have with Standard), I thanked the representative concerned and asked when they'd get around to getting competitive again on their business banking costs.

Like any good rep she feigned surprise that they're more expensive than anyone else at the moment... and given that she'd just saved me far more money than I would by switching my business accounts - well, I'll give them a chance to get around to it for a while longer, methinks.

At least until I don't need an overdraft facility on my business accounts anymore - at that point switching becomes dead easy.

As a bare minimum, I hope the tide is turning on all the new charges banks have been introducing in recent times with seeming impunity. The new entrants are definitely rattling some cages.

[Darkangelyaya]

Unfortunately my last remaining bond is with them. Dry toast till that's off my back.
Can anyone verify if additional payments on bonds could still be used to reduce capital?

[Blurock]

Unfortunately my last remaining bond is with them. Dry toast till that's off my back.
Can anyone verify if additional payments on bonds could still be used to reduce capital?

Not too sure about Standard bank. Safe too ask them first. Interest should be calculated on daily outstanding balance and capitalised monthly, but some banks may still hide behind archaic systems and obscure clauses in their contracts. Definitely an area that should be investigated and taken up with the ombudsman if necessary.

I used to have a bond account with Absa. What irritated me was that you only received a bond statement once a quarter and that transactions were only reflected for that period. You could never get a print out or statement reflecting all the transactions for the year. I believe the same applies to vehicle finance. So if you want to reconcile your accounts, you have to gather all the scraps of paper. Banks suck!

[Chrisjan B]

I had a bond with ABSA (with access bond type facilities) too which was linked to my online banking profile and I were able to deposit and withdraw money via Internet Banking. All extra payments were available to withdraw as I have seen fit. It was a source of low interest loan - we even bought a car and paid it via EFT. You could not make payments directly from the loan but the money could be transferred to my credit card or cheque account and the EFT done from there... I was also able to check my balance daily if so wish...

Darakangelyaya to the best of my knowledge you pay interest on the outstanding amount of your bond, so any additional payments should save some interest - it use to be like that when I worked at ABSA some 17 years ago....
You will want to confirm it with your bank.....

One reason I still have accounts with ABSA is that I can transfer funds from my credit card to my business account as needed and transfer it back to credit card if and when needed...
It is not as cheap as the bond option above but I don't have to beg for credit from His Majesty or M'Lady....

This is the longest post I have ever done on TFSA.... and not even some of my twisted humor!

[ians]

I have a credit card with ABSA bank and it is part of the fine tuning, getting rid of it.

My plan is to find out more about running my bussiness through a personal account and sterr in that directions, i dont see why i cant as i am a sole proprietor, i will keep the CC namk account as a bussiness account.

A question while on the Vat subject,

if i am registered with VAT as a sole proprietor must i charge VAT for my hobbies which have nothing to do with main line of bussiness or can i have a saving account and buy and sell products without declaring VAT for sales or claiming VAT for purchases?

[Darkangelyaya]

I don't charge VAT for non-main business items/services. I just declare the income.

[Dave A]

I don't charge VAT for non-main business items/services. I just declare the income.

You might want to read this thread on VAT registration. I regret a sole proprietor registering as a VAT vendor has some unfortunate consequences.

[Darkangelyaya]

You might want to read this thread on VAT registration. I regret a sole proprietor registering as a VAT vendor has some unfortunate consequences.

Yep, but only my CC is VAT registered, no sole prop here.

Plus, since my auditor nightmare, SARS has audited everything but my dogfood. So, I reckon if the boss is happy, don't wake him.

[Didditmiself]

Ians, reading your post where you say you gave them all your personal details, we should turn the tables on these unsolicited call-centre jokers especially the ones that try and sell you a new phone contract; start off by saying that you just want to warn her/him that all calls are being recorded. Then ask them for their ID number, home address, whether the place is owned/rented, employee number. If they haven't put the phone down by this time, verify they are still there and then put your phone on hold and since it will say "your call has been placed on hold - please wait", I'm sure they won't still be there once you get back to them 10mins later....

[Darkangelyaya]

Ians, reading your post where you say you gave them all your personal details, we should turn the tables on these unsolicited call-centre jokers especially the ones that try and sell you a new phone contract; start off by saying that you just want to warn her/him that all calls are being recorded. Then ask them for their ID number, home address, whether the place is owned/rented, employee number. If they haven't put the phone down by this time, verify they are still there and then put your phone on hold and since it will say "your call has been placed on hold - please wait", I'm sure they won't still be there once you get back to them 10mins later....

Yeah, I like to put them on hold.It infuriates them almost as much as refusing to provide ANY personal info.

[ians]

The question is how do know the person contacting you is actually from the bank you applied on line for the account. I believe they should sent an sms with a code which the call centre person would have to give you before you start rattling off your details.

[ians]

While filling out all the info online, i requested the limited be reduced to the min., did you know that the cheque account can be zero, but when i requested a zero limit on the credit card I was told there is a min. limit of R1000.

[Justloadit]

The question is how do know the person contacting you is actually from the bank you applied on line for the account. I believe they should sent an sms with a code which the call centre person would have to give you before you start rattling off your details.

So what makes you think that the sent SMS was orginated by the bank?
Anyone can use a bulk SMS system, and in fact all the money I won from these SMS in these competitions I have never entered originated from a Bulk SMS platform.

You never know.

[Dave A]

Yep, but only my CC is VAT registered, no sole prop here.

Delighted to hear that

For a moment you had me a little concerned there