Bank Charges

[Yvonne]

I dont know if anyone would recall it, but some time ago a conference was held in South Africa regarding Banking charges - attended by United States and United Kingdom bankers -who had come to investigate the success of profits as levied by South African Banks.
I remember being very amused at the time!

Yesterday on American TV - an interview with an author - advised the public to verify every single charge on their banking and especially credit card accounts!
Some banks had taken to slipping in additional unsubstianted costs, some as high as $200 which turn out to be totally illegal, but most gullible people dont notice the charges let alone guery them.
Those that are gueried are reversed as an error.

I'm not saying it has anything to do with our banking costs in South Africa, but I am also not saying that!

This is not to be taken as financial advice!

Yvonne

[Dave A]

They need to come back as they'll be out of date. The raft of new fees that SA banks are levying since the inception of the NCA is incredible

[garthu]

Oh there is so much profiteering to be learnt here! Hit the nail on the head. Pre NCA the bank charge to do a valuation on a sold property was around R900 -1200 on a mill rand property. I saw one last week for R3500 on a 960K property!
In that sense, buyers are worse off on initial charges

[Dave A]

I thought the most diabolical of the new fees is the monthly admin fee on asset finance. That was until I got the 2009 fee card for business. Have you seen the pile of new admin related charges for revolving credit accounts?

I've never used a revolving credit facility, but I sure don't remember that little list being on the fee card before