1) Bank selection
I used Capitec for my kids accounts at 6% interrest, then they dropped to 5% and then to 4.4%., The last drop was when prime went up my 0.5%. Go figure. They satretd gerat and the after a while just fallowed main stream banking. I challanegd then in above rate changes even u to a Regional Manabger level. he siad he does not know why (what) head office is doing and will find out and come back which of course never happened as the answer is of course GREED.
Otherwise you can select any bank and its only a matter of time when the screw you, not if. So don't bother changing.
Anyway, what I wanted to warm up here is FICA (a governmegtakl job creation priject at little or no cost to themselves with little/no purpose).
2) Regular Bank FICA
I get an sms that FNB will contact me for FICA issues. A few weeks later some attorney calls on behalf of FNB saying they require some documents for FICA. I hear already lots of noises in the background telling me its a call centre. I said I am obviously FICA'd as this account was satrted post FICA implementation and FICA was done on account inception. I asked why they want to do this waste again and they said it must be done every three years. My account is clealy older than 3 years, so they are way late. So I say send me the legislation where it says three years and we take it from there. And for good measure I demanded that they send me the mandate which shows that FNB indeed mandated them. Who knows mayeb they are just scamsters. So I am waiting and doubt I will hear from them again.
3) remote/secondary beneficeries FICA
When I asked my legal firm which set up my trusts and is the independent trustee too for a resolution and they send it and said by the way we need the FICA docs of all beneficeries in the trust deed otherwise they cannot serve me much longer. I dig a bit and they say since there are an accountable institution as per FICA they have to do that although they do not like it either. They even wanted tax reference numbers of beneficeries. The main beneficeries are my wife and our kinds, but should we be all wiped out we listed my and my wife's parents and siblings. Most of them are in Europe. I have never been asked for that from the banks even with which I have the trusts accounts. So again I ask for the underlying legislation and they send me something. I read it and said that I disagree on their interpretation of the law which is supported by the facts that the banks don't even asked for it. Besides in my view FICA is for RSA and not worldwide. I am not going to ask all for such confidential info which may partly not even available as they wanted it as systems work differently. So I toldl them I can unable (and unwilling) to comply and asked them whether I must look for a new independent trustee? Silence since then. Worst case I have to change the trust deed and move all over to my trust accountants which are happy to fulfil that role for less money (not really the point), but also without that FICA requirement as they are not an accountable institution. I will also word the siblings/parents more generically and as long there are no names they cannot ask for FICA.
What are your guys experiences other than having accounts frozen with no/little notice?
I thinks its time to stop behaving like sheep and just comply and rather first demand proof of all the things which are being pushed down our throats.
By the way did you know that the annual penalties against FICA offenders were fairly small (I cannot remember, but the number was Millions rather than Billions) and they were only levied against our 4 banks. So all other offenders in any other company/industry never saw a fine. So this is not really a threat to anybody else than the banks. It might be cheaper fro them to pay the fines if caught than paying for the manpower and resources to comply.
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