standard bank

[Pap_sak]

Lucky you Murdock. We are preparing for the busiest time of the year and I.am.tired.

Whenever I get a phone call from someone trying to sell some new bank service/benefit/whatever, I always decline upfront. It always involves more money for the bank. The last time they caught me was when I upgraded my credit card. 0 benefits for me, just higher charges. I do not like banks. They are the legal Mafia.

Did the same a month back, needed a new credit card and they said i could upgrade to a gold card for an extra R100 per year. Makes no difference but wanted to have a bit of "bling" in my wallet. Me and my fragile ego! ha ha

[Blurock]

I do not have a problem with banks encouraging consumers to switch to electronic banking. Electronic banking is safer and more cost effective. I have a problem with the opportunity that the banks now see to increase their revenue.

Benefit to the bank:
1. Keep customers out of the banking halls.
2. This reduces the number of tellers required.
3. This also reduces the number of physical branches required.
4. "Paperless" transactions. The sucker clients will now print their own statements. HUGE cost savings!
5. Savings on postage, paper, staff costs and benefits, premises and related security, maintenance and cleaning costs.
6. No need to employ more IT staff as everything is outsourced.

Result:
1. Retrench staff.
2. Close branches.
3. Increase salaries of executives.
4. Increase bonuses.
5. Increase dividends? Not too much!

In stead of pricing their electronic banking in line with the real cost of providing the service, Banks do not give the benefit of their savings to their clients:

1. Convenience of electronic banking - not having to stand in a queue and banking from anywhere.
2. Immediate on-line transfers.
3. Do not have to wait for your statements which may get lost in the mail. (But you have to print it yourself)
4. Reduces the risks associated with cash and cheques.
5. Although this service is supposed to be cheaper, charges are mostly kept in line with the cost of cheque accounts which has become like a dinosaur in the electronic age.

I have noticed that the annual package paid to the CEO of one of our local banks has been increased from R20 million to R27 million.

Viva banking! Viva!

[AndyD]

......cheque accounts which has become like a dinosaur in the electronic age.

I still use a cheque book

[Blurock]

Cheques will be phased out within the next 2-3 years.

[AndyD]

They've been saying that for the last 5 years at least

[Justloadit]

I have a problem with my Trusts if they phase out cheques. How will I pay the trusts creditors?